Vedanta’s appeal against selection of Adani to acquire Jaypee group’s assets dismissed

The National Company Law Appellate Tribunal on Monday dismissed two petitions by Vedanta Limited against the selection of Adani Enterprises for acquiring debt-ridden company Jaiprakash Associates, The Indian Express reported.

No grounds had been made out by Vedanta to interfere with the decision of the National Company Law Tribunal, said a two-member bench comprising Chairperson Ashok Bhushan and Member (Technical) Barun Mitra.

The Allahabad bench of the National Company Law Tribunal had on March 17 approved Adani Enterprises’ Rs 14,535-crore bid to acquire Jaiprakash Associates through an insolvency process, PTI reported. Vedanta had challenged this order before the National Company Law Appellate Tribunal.

Vedanta had questioned the metrics used in the evaluation process, arguing that its bid was Rs 3,400 crore higher than Adani Enterprises’ proposal in gross value terms and about Rs 500 crore more in terms of net present value.

The National Company Law Appellate Tribunal, however, said that the Committee of Creditors’ decision not to approve Vedanta’s resolution plan despite the higher bid could not be called arbitrary or perverse, according to The Indian Express.

The appellate tribunal had, on March 24, refused to grant an interim stay in response to Vedanta’s petition. However, it had said that the resolution plan would be subject to the result of the appeals filed by the...

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