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Vedanta alleges Jaiprakash bid process was 'tailor-made' for Adani despite its higher offer
Anil Agarwal's firm tells NCLAT that lenders ignored its superior bid, questioning transparency and fairness in the high-stakes insolvency case for Jaiprakash Associates Ltd.
SC to hear Vedanta's stay plea against Adani's Jaiprakash Associates takeover
Vedanta, owned by Anil Agarwal, had outbid Adani Group in one of the largest and most keenly tracked insolvency cases in the country. The committee of creditors, though, opted for the resolution plan offered by the Adani Group because of higher upfront payments. Vedanta has told the Supreme Court that the insolvency process lacked transparency and failed to maximise value for creditors. It alleged that the process followed by JAL's committee of creditors in approving the plan of the Adani Group was "unfair, opaque, and inequitable".