The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to grant an interim stay on Vedanta Group’s plea challenging the National Company Law Tribunal (NCLT)’s decision to approve Adani Group’s bid to acquire Jaiprakash Associates Ltd (JAL) for ₹14,535 crore, CNBC reported.
However, the NCLAT agreed to hear the matter and sought responses from the Committee of Creditors (CoC) within a week.
The next hearing is scheduled for April 9.
A bench led by chairperson Justice Ashok Bhushan said the plan’s implementation would continue in the meantime.
“Implementation of the plan shall go on, and however that shall abide by the result of this case,” the bench remarked.
Vedanta’s counsel said, “Vedanta was declared the highest bidder by JAL’s Committee of Creditors. Vedanta’s bid value was Rs 16,726 crores and Adani Enterprises’ bid was Rs 14,535 crore.”
Anil Agarwal-led Vedanta Group was in the race to acquire JAL through an insolvency process, but lenders approved the resolution plan, or bid, of Adani Enterprises Ltd in November last year.
Source: Business-Standard