Vedanta urges NCLT to review Adani's resolution plan for Jaiprakash Associates

Core Viewpoint - Vedanta Ltd is challenging the approval of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd, claiming it is a "commercial conspiracy" and requesting a review by the National Company Law Tribunal (NCLT) [1] Group 1: Vedanta's Position - Vedanta argues that it was the highest bidder at ₹12,505 crore but was sidelined by lenders during the bidding process [2] - The company is not seeking to be declared the successful bidder but wants the court to assess the compliance of the bidding process with the Insolvency and Bankruptcy Code (IBC) [3] - Vedanta submitted a revised payment structure shortly before the lenders' voting, increasing upfront cash from approximately ₹3,770 crore to ₹6,563 crore and doubling equity infusion from ₹400 crore to ₹800 crore [4] Group 2: Lenders' Defense - Lenders, led by State Bank of India, defended the bidding process, stating that Vedanta's arguments lack legal basis and that the process was conducted in accordance with the IBC [5] - The committee of creditors noted that Vedanta's revised offer was not considered due to alleged violations of bidding rules, resulting in a lower evaluation score for Vedanta compared to Adani [6] - The lenders emphasized that if Vedanta had concerns about the bidding rules, they should have raised them prior to participating in the process [7] Group 3: Adani's Proposal - Adani Enterprises submitted a resolution plan exceeding ₹15,000 crore, which received approximately 93% approval from financial creditors [8] - Adani's plan was favored due to its payment structure, offering about ₹6,000 crore upfront and proposing to clear the remaining amount within two years, while Vedanta's payments were spread over five years [10] - If approved, Adani will gain significant assets, including land in Noida and Greater Noida, cement capacity, and a stake in Jaiprakash Power Ventures Ltd [11]