The stressed assets of Jaiprakash Associates Ltd (JAL) have become a bone of contention for India Inc, with corporate titans Anil Agarwal and Gautam Adani crossing swords as they lay claim to the insolvent holdings across sectors such as cement, hospitality, power and real estate.
After the many twists and turns in the nine-year-old JAL insolvency case, the National Company Law Appellate Tribunal (NCLAT) reserved its judgement on April 22. The Anil Agarwal-led Vedanta had challenged the committee of creditors’ (CoC) wisdom in approving the lower bid of Adani Enterprises for JAL.
“The IBC system declared us the highest bidder for Jaiprakash Associates. It was publicised widely that Vedanta is the highest bidder. But after that the…