The National Company Law Appellate Tribunal (NCLAT) has reserved its decision regarding Vedanta’s challenge to Adani Enterprises’ successful bid for Jaiprakash Associates Ltd (JAL). A two-member bench, led by Chairperson Ashok Bhushan and Member Technical Barun Mitra, ended its hearing after listening to arguments from all involved parties, including Vedanta, Adani Enterprises, the Resolution Professional, and the Committee of Creditors (CoC).
Both parties have been instructed to submit their written arguments within the next two days. Vedanta’s counsel raised concerns over the evaluation criteria used by JAL lenders, claiming that despite Vedanta’s bid being higher at Rs 17,926 crore compared to Adani’s Rs 14,535 crore offer,…