Adani's ₹14,535-cr bid for JAL gets nod

NCLAT dismisses Vedanta’s petition

- URVI MALVANIA

THE NATIONAL COMPANY Law Appellate Tribunal (NCLAT) dismissed on Monday Vedanta’s plea challenging the selection of Adani Enterprises’ resolution plan for Jaiprakash Associates (JAL), upholding the lenders’ decision in the insolvency process.

In its order, the appellate tribunal held that Vedanta’s addendum submitted after its final resolution plan was not a mere clarification but a modification of the bid. As a result, the committee of creditors (CoC) was justified in declining to consider it during its 24th meeting.