New Delhi: The Supreme Court on Friday refused to grant an interim stay on the Dharavi Slum Rehabilitation Project being carried out by the Adani Group, as sought by a company that lost out on the contract.

A bench led by Chief Justice Sanjiv Khanna heard a plea filed by Dubai-based Seclink Technology Corporation, challenging the award of the project to Adani. However, the court agreed on Friday to examine Seclink’s petition and issued notices to the Maharashtra government and the Adani Group. The top court refused to halt the ongoing work at the project site after senior advocate Mukul Rohatgi, representing the Adani Group, said that construction had already started.

He said that Adani had employed over 2,000 workers, invested significant funds, procured construction equipment worth crores of rupees, and initiated the demolition of railway quarters on the site.

The court directed the Adani Group to channel all project-related payments through a single escrow account, with proper documentation, including invoices and brochures. Any financial transactions related to the project must be routed through this designated account.

Senior advocate C Aryama Sundaram, representing Seclink, argued that the company was willing to increase its bid by 20%, proposing a revised bid of Rs 8,640 crore—substantially higher than Adani’s base bid of Rs 5,069 crore. He highlighted that Seclink’s Rs 8,640 crore bid excluded an upfront payment of Rs 1,000 crore to the Indian Railways and an indemnity amount of Rs 2,800 crore. This, according to Seclink, made its overall financial commitment greater than Adani’s total bid of Rs 8,869 crore. The Supreme Court directed Seclink to submit an official undertaking through an affidavit confirming its latest financial offer. The case will be heard next in May, when the court is likely to examine the latest bid offer proposed by Seclink.