The Adani Group company had outbid Vedanta and Dalmia Bharat in the race for the infrastructure group JAL. Vedanta had challenged the process, alleging a lack of transparency and fairness.
Adani got the maximum 93% votes from creditors, followed by Dalmia and Vedanta. The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls 85.5% of the Committee of Creditors’ (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank, which together account for less than 3% of CoC’s votes, abstained from voting.
Adani has proposed a total plan value (TPV) of Rs 14,535 crore, including Rs 6,005 crore upfront and another Rs 7,600 crore payable after two years.
JAL, which has…