Adani's Winning Bid for JAL Affirmed by Appeals Court
An appeals court has upheld Adani Group's acquisition bid for Jaiprakash Associates Ltd, dismissing challenges by Vedanta Ltd. The National Company Law Appellate Tribunal deemed no merit in Vedanta's claims against the bid's transparency and value. This decision enables Adani's takeover unless Vedanta appeals to the Supreme Court.
In a decisive ruling, the National Company Law Appellate Tribunal (NCLAT) has dismissed Vedanta Ltd's challenge against the Adani Group's successful bid to acquire distressed firm Jaiprakash Associates Ltd (JAL). The appellate tribunal found no merit in Vedanta's claims regarding the selection process, affirming Adani's Rs 14,535 crore bid.
The tribunal backed the Committee of Creditors' (CoC) decision to favor Adani's proposal, emphasizing the CoC's role in evaluating multiple factors beyond just headline value. Vedanta's appeal, alleging lack of transparency and seeking consideration of a revised offer excluded for post-deadline submission, was similarly dismissed.
JAL, admitted to insolvency amid over Rs 57,000 crore in bank dues, attracted bids from significant contenders, including Vedanta and Adani. With the NCLAT's support, Adani's path to acquiring JAL appears clear, pending any further appeal by Vedanta to the country's Supreme Court.
(With inputs from agencies.)
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