Adani Group defends Jaypee Associates bid as fair before NCLAT
Business
Adani Group is standing by the approval of its bid to take over Jaypee Associates, telling the National Company Law Appellate Tribunal (NCLAT) that everything was done by the book.
Its lawyer, Ritin Rai, explained that the bidding process followed all insolvency rules and was fair to everyone involved.
Vedanta offered higher bid after deadline
Vedanta jumped in with a higher offer after the official deadline, something Adani says goes against the rules.
The Committee of Creditors had already picked Adani's bid after several rounds, so allowing late changes could mess up how these resolutions work.