NCLAT Rejects Stay on Adani’s ₹14,535-Cr Jaiprakash Bid
NEW DELHI: On Tuesday, the Insolvency Appellate Tribunal rejected an interim stay on Vedanta Group’s plea against the National Company Law Tribunal’s (NCLT) approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The two-member bench of the NCLAT requested a response from JAL’s Committee of Creditors (CoC) within a week and scheduled the case for hearing on April 10. Vedanta Group had been competing to acquire JAL through the insolvency process but faced a setback when lenders approved Adani Enterprises’ resolution plan last November. The NCLT approved Adani’s bid last week. In challenging the NCLT’s decision, Vedanta…