The NCLAT has dismissed Vedanta Ltd’s plea against the Gautam Adani group’s winning bid for bankrupt Jaiprakash Associates. The tribunal found Vedanta’s petitions without merit and upheld the Committee of Creditors’ ₹14,535-crore decision. Jaiprakash had entered insolvency after failing to repay bank dues exceeding ₹57,000 crore.
The National Company Law Appellate Tribunal has upheld the National Company Law Tribunal’s ruling approving the Adani Group as the selected buyer for Jaiprakash Associates Ltd. NCLAT found no grounds to overturn the original decision and emphasized that lenders’ selection was based on commercial wisdom, keeping the deal on track.
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Lenders defending the Jaiprakash Associates bid process before the NCLAT say selecting Adani Enterprises was fair and transparent. They rejected Vedanta’s late addendum offering more money, arguing it violated the pre-set bidding framework and would have prolonged delays. The hearing centers on claims that the process was tailored versus competitively handled under the original timelines and terms.
Vedanta Group has moved to challenge the insolvency outcome that selected Adani Enterprises’ bid for Jaiprakash Associates Ltd. Vedanta says its offer was higher, but the insolvency appellate tribunal will review whether lenders used correct evaluation metrics. Lenders argue several factors shaped the choice, while Jaiprakash’s value spans real estate, cement, and hospitality assets.
In the insolvency case of Jaiprakash Associates, the resolution professional told the NCLAT that Vedanta was never formally declared the highest bidder. The only evidence cited was an email showing the highest financial value discovered, not an official bid award. Vedanta’s petition is being argued as lacking legal and factual backing.
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