The National Company Law Appellate Tribunal (NCLAT) has reserved its judgment on Vedanta Ltd's pleas challenging Adani Enterprises' selection as the successful bidder for debt-laden Jaiprakash Associates Ltd (JAL) under the insolvency process.
A bench headed by chairperson Ashok Bhushan concluded hearings after detailed submissions from Vedanta, the resolution professional, the committee of creditors (CoC), and Adani Enterprises.
Vedanta's challenge is based on a substantial gap between competing bids, with Adani Enterprises' plan valued at ₹14,535 crore and Vedanta's offer at ₹17,926 crore—a difference of nearly ₹3,400 crore.
Vedanta's senior advocate Abhijeet Sinha argued that the insolvency resolution suffered from 'serious non-consideration of material aspects' and a lack of transparency.
The CoC, represented by Solicitor General Tushar Mehta, defended the decision, maintaining that the process adhered strictly to IBC norms and that bidders do not have a vested right to be selected merely on the basis of the highest financial offer.
The NCLAT has directed parties to file written submissions within two days, with the verdict yet to be announced.
