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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".
First challenge filed against Adani’s ₹14,543-crore resolution plan for Jaiprakash Associates
The NCLAT will hear the Velocity Enterprises' challenge on 20 March.
NCLT clears Adani Enterprises’ resolution plan for Jaiprakash Associates
Adani Enterprises has secured NCLT approval for its resolution plan for Jaiprakash Associates, with the plan envisaging no recovery for equity shareholders due to inadequate liquidation value.
NCLT approves Adani’s ₹15,000-crore plan for bankrupt Jaiprakash Associates
NCLT has approved Adani Enterprises’ resolution plan for Jaiprakash Associates, dismissing a legal challenge from rival bidder Vedanta.