NCLAT rejects Vedanta's challenge to Adani over Jaiprakash Associates rescue
Business
Big update in the Jaypee saga: India's top bankruptcy tribunal (NCLAT) has rejected Vedanta's challenge to Adani Enterprises's over ₹15,000-crore rescue plan for Jaiprakash Associates.
Vedanta tried to block the deal, saying its own offer was higher and deserved a fair shot, but the tribunal disagreed and said everything was done by the book.
CoC rejected Vedanta's ₹17,000cr bid
Vedanta argued its about ₹17,000 crore bid should have won, but NCLAT pointed out that lenders (the committee of creditors) have wide freedom under insolvency law to pick what works best commercially.
The CoC said Vedanta's revised offer came in late and was based on leaked information, so it did not count.
With this ruling, Adani can move forward without Vedanta's current legal challenge.