NCLAT reserves order on Vedanta’s pleas of Adani’s bid for JAL

The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its order on Vedanta’s two petitions against the selection of Adani Enterprises’ bid to acquire debt-ridden Jaiprakash Associates Ltd (JAL) through an insolvency process.
A two-member NCLAT bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra concluded its hearing following arguments from Vedanta and respondents, including the Resolution Professional, Committee of Creditors (CoC) and Adani Enterprises.
It asked both parties to submit written submissions within the next two days.
Vedanta’s counsel questioned the evaluation metrics adopted by JAL lenders, who selected the bid from Adani Enterprises offering Rs 14,535 crore and rejected Vedanta’s higher bid of Rs 17,926 crore.
On March 24, NCLAT declined any interim stay over the Vedanta Group’s plea against the order passed by the NCLT on March 17, approving Adani Group’s bid.
However, it had said that the plan would be subject to the .