Billionaire Anil Agarwal on Friday said that Vedanta losing out on Jaiprakash Associates insolvency despite being the highest bidder has put a question mark on transparency of India’s corporate insolvency resolution process.
“The IBC (Insolvency and Bankruptcy Code system declared us the highest bidder for Jaiprakash Associates. It was publicized widely that Vedanta is the highest bidder. But after that the system gave it to someone else. All this has hit the image of Indian system across the globe,” mining magnate Agarwal told Business Today.
“India’s transparent system has taken a hit. In the public auction, we increased our bid and then we were given in writing that we are the highest bidder,” Agarwal said, adding that…