The National Company Law Appellate Tribunal (NCLAT) has rejected Vedanta Ltd’s plea seeking to halt the implementation of Adani Enterprises’ resolution plan for Jaiprakash Associates Ltd (JAL), paving the way for the Adani Group’s acquisition process to continue.
A bench led by NCLAT Chairperson Justice Ashok Bhushan dismissed the appeals filed by Vedanta, which had challenged the approval granted to Adani Enterprises’ bid under the corporate insolvency resolution process. The tribunal upheld the earlier order of the National Company Law Tribunal (NCLT) approving Adani’s resolution plan for the debt-laden infrastructure company.
Vedanta had contended that its offer was financially superior and claimed that lenders failed to maximise value while selecting Adani’s proposal. The company also raised concerns over the manner in which the bidding process was conducted.
However, the tribunal found no grounds to interfere with the decision taken by the Committee of Creditors (CoC). It observed that the insolvency process had been carried out in accordance with the Insolvency and Bankruptcy Code (IBC) and that all bidders were treated equally under the approved framework.
The CoC and Adani Enterprises opposed Vedanta’s objections, arguing that allowing revised offers after the completion of the process would compromise the integrity and timelines prescribed under insolvency law.
With the dismissal of Vedanta’s appeal, Adani Enterprises is set to move ahead with the takeover of Jaiprakash Associates as part of the approved resolution process.
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