Anil Agarwal-led Vedanta Ltd has moved the National Company Law Appellate Tribunal (NCLAT) against the approval of Adani Enterprises Ltd’s ₹14,543 crore bid for bankrupt Jaiprakash Associates Ltd.
The dispute revolves around how value should be assessed under the Insolvency and Bankruptcy Code (IBC), with Vedanta arguing that lenders violated the principle of maximizing value through a fair process.
Vedanta had emerged as the highest bidder with an offer of ₹12,505.85 crore on a net present value (NPV) basis, but lenders approved a rival plan which, according to Vedanta, was lower by about ₹3,400 crore in total value and ₹500 crore in NPV.
The company also alleged procedural unfairness, saying it was not given reasons or an opportunity to clarify its proposal.
The committee of creditors (CoC) defended its decision, saying the process complied with all IBC rules and that no bidder has a guaranteed right to win, even if it offers the highest value.
