NCLAT Rejects Vedanta’s Appeal on Adani’s Jaiprakash Bid
NEW DELHI: On Monday, a company law appellate court dismissed mining tycoon Anil Agarwal’s Vedanta Ltd’s appeal against Gautam Adani’s group’s successful bid for the bankrupt Jaiprakash Associates Ltd (JAL), which owns India’s sole Formula One circuit. The National Company Law Appellate Tribunal (NCLAT) found no merit in Vedanta’s claims and rejected both of its petitions. A bench consisting of Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra ruled that the Committee of Creditors (CoC) made the correct decision in favoring Adani Group’s Rs 14,535 crore bid over Vedanta’s resolution plan for JAL. This decision was previously endorsed…