Tag: Jaiprakash Associates Ltd

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NCLAT Delays Ruling on Vedanta’s Challenge to Adani Bid for JAL

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has reserved its ruling on Vedanta’s two petitions regarding the acceptance of Adani Enterprises’ bid to acquire the financially distressed Jaiprakash Associates Ltd (JAL) via insolvency proceedings. The hearing concluded with a two-member NCLAT bench, led by Chairperson Ashok Bhushan and Member Technical Barun Mitra, after considering arguments from Vedanta and various respondents, including the Resolution Professional, the Committee of Creditors (CoC), and Adani Enterprises. The court has requested both parties to submit their written arguments within two days. Vedanta’s attorney questioned the evaluation criteria used by JAL lenders, who chose…

Latest StoriesRegulatory

NCLAT Delays Hearing on Vedanta’s Adani Bid Challenge

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group’s challenges against the selection of Adani Enterprises’ bid for the financially troubled Jaiprakash Associates Ltd (JAL) until April 16. The case will be reviewed on Thursday, following a change in the bench composition due to one member’s unavailability. The tribunal was expected to conclude arguments from Vedanta’s legal team, after which lenders and the resolution professional would present their cases. However, the NCLAT decided to defer proceedings after discussions with the involved parties. Last Friday, Vedanta raised concerns about the evaluation criteria used by…

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Vedanta questions metrics for Adani’s JAL bid selection

NEW DELHI: The Vedanta Group has raised concerns regarding the evaluation criteria used by the creditors of Jaiprakash Associates Ltd (JAL), which opted for a lower bid of ₹3,400 crore from Adani Enterprises for the financially troubled company. During a session at the National Company Law Appellate Tribunal (NCLAT), Vedanta’s counsel remarked that the “valuation process has compromised the commercial judgment” exercised by the committee of creditors (CoC). Senior advocate Abhijeet Sinha questioned whether the CoC’s evaluation matrix aimed at value maximization or served some other agenda. Sinha argued that the evaluation matrix, along with the resolution plan request (RFRP)…

Latest StoriesRegulatory

Vedanta Challenges NCLT Approval of Adani’s Jaiprakash Bid

NEW DELHI: The Vedanta Group, a major business conglomerate, has approached the National Company Law Appellate Tribunal (NCLAT), disputing the approval given by the NCLT to the Adani Group’s bid for acquiring Jaiprakash Associates Ltd for ₹14,535 crore. Led by Anil Agarwal, Vedanta was also contending for the acquisition of Jaiprakash Associates Ltd (JAL) via an insolvency procedure. However, in November last year, lenders approved Adani Enterprises Ltd’s resolution plan. On March 17, the Allahabad bench of the National Company Law Tribunal (NCLT) officially sanctioned Adani Enterprises Ltd’s ₹14,535 crore bid for JAL during the insolvency proceedings. JAL announced in…

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Legal Challenges for Jaypee Sports City Buyers Amid Adani Takeover

NOIDA: The National Company Law Tribunal (NCLT) has approved Adani Enterprises’ ₹14,535 crore resolution plan for Jaiprakash Associates Ltd (JAL) in accordance with the Insolvency and Bankruptcy Code, 2016. The future of the stalled Jaypee Sports City project, along with the thousands of homebuyers affected, is now contingent upon the outcome of a simultaneous legal dispute before the Supreme Court. The Supreme Court is scheduled to hear a petition from the developer challenging a March 2025 ruling by the Allahabad High Court, which affirmed the decision made by the Yamuna Expressway Industrial Development Authority (YEIDA) to annul JAL’s allotment of…

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ED Detains Former Jaypee Infratech MD in ₹14,599 Crore Case

NEW DELHI: The Enforcement Directorate has arrested Manoj Gaur, former Managing Director of Jaypee Infratech Ltd., in connection with a money laundering investigation involving an alleged Rs 14,599 crore fraud against home buyers, according to official sources. The businessman was apprehended under the Prevention of Money Laundering Act (PMLA). The agency claims that funds gathered from home buyers were misappropriated to various trusts, resulting in unfinished projects and defrauded investors. The ED’s investigation revealed that Gaur serves as the Managing Trustee of Jaypee Sewa Sansthan (JSS), which benefitted from these diverted funds. The case against him relates to the alleged…