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)…
