Vedanta takes Adani-JA deal to NCLAT, wants it blocked
Business
Vedanta isn't happy about losing out to Adani Enterprises in the race to buy Jaiprakash Associates.
They've taken their case to the NCLAT, arguing that their own ₹12,505.85 crore bid was higher on a net present value (NPV) basis, and that it didn't get a fair shot.
NCLAT will mainly check if all rules were followed
Vedanta says the bidding process wasn't handled right and that their revised offer was ignored.
Meanwhile, Adani's much bigger ₹14,543 crore bid got a massive thumbs-up from 93.8% of creditors, unlocking some prime assets near Noida airport.
Now, NCLAT will mainly check if all rules were followed during the process; they won't be re-evaluating who made the best offer.