Overview

• Under the IBC challenge round held on September 5, Vedanta topped the field with a ₹17,000 crore offer worth ₹12,505 crore in NPV terms, outbidding the Adani Group.
• The CCI nod is a required step before a plan can be submitted and voted on by the Committee of Creditors, with the vote to follow in due course.
• Vedanta’s proposed payout includes about ₹3,800 crore upfront followed by ₹2,500–3,000 crore annually over five years.
• Financial creditors have claims of roughly ₹57,000–₹59,000 crore led by NARCL, implying potential haircuts of around 70% if the plan is approved.
• Lenders are seeking contingent payments linked to the YEIDA land dispute now before the Supreme Court, while credit analysts warn the deal is credit‑negative given loss‑making assets and significant capital needs.