JAL creditors ignored rules: Vedanta

Anil Agarwal-led Vedanta told the Delhi bench of the National Company Law Appellate Tribunal (NCLAT) on Thursday that while the committee of creditors (CoC) in the Jaiprakash Associates Ltd insolvency case repeatedly insists on following the ‘process’, they do not seem to follow it themselves.

- Yash Tiwari

Vedanta claims its ₹17,000-crore offer was ignored despite being the highest after multiple rounds of bidding.

(REUTERS)

The case centres on whether the CoC can rightfully reject Vedanta's ₹17,000-crore offer in favour of Adani Group's lower-value plan based on superior cash terms.

Advocate Abhijeet Sinha, representing Vedanta, made serious allegations against the CoC, saying Vedanta's bid was ignored despite being the highest after five rounds of the challenge process. He alleged there was no transparency in the process of scoring.

The appellate tribunal heard the arguments and scheduled the next hearing for 17 April, when Adani and the CoC are likely to respond.