NCLAT clears Adani’s ₹14,500 crore Jaiprakash deal, rejects Vedanta appeal

The National Company Law Appellate Tribunal (NCLAT) on May 4 dismissed appeals filed by Vedanta Limited challenging the selection of Adani Enterprises as the successful bidder for debt-laden Jaiprakash Associates Limited under the insolvency resolution process.  A two-member bench comprising NCLAT Chairperson Ashok Bhushan and Technical Member Barun Mitra ruled that there was “no merit” in Vedanta’s…

Stakeholder Objections Cannot Obstruct Insolvency Resolution Once Resolution Plan Secures Requisite CoC Approval: NCLT [Read Order]

The CIRP was initiated through an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 made by Beacon Trusteeship Limited. In the course of resolution proceedings three potential resolution applicants put forward their resolutions and of these, the one proposed by Mantra Properties secured the maximum votes. But in the first voting process…

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