Overview
- Vedanta told the appellate tribunal that Adani’s ₹14,535-crore offer undervalues Jaiprakash Associates and said the lenders ran an opaque process, with the case now set for further hearing at the NCLAT.
- The Supreme Court let implementation of the approved plan move forward and asked the appellate body to hear the matter on priority, while requiring tribunal sign-off for any major decisions by the monitoring committee.
- A panel of lenders selected Adani with roughly 89–90% support, and the bankruptcy court in Allahabad approved the plan on March 17; lenders cited about ₹6,000 crore upfront and a faster two-year repayment schedule as decisive.
- Vedanta argued its headline offer was higher at about ₹17,926 crore and claimed a superior net present value, questioning an evaluation matrix and third-party scoring that gave Adani 29.30 out of 35 versus Vedanta’s 18.51 and revealed only the highest NPV after each bid round.
- Founder Jaiprakash Gaur publicly backed Adani to carry the group’s legacy, a shift with real stakes for homebuyers, staff and creditors tied to JAL’s real estate, cement, power and hotel assets after loan defaults of about ₹57,000 crore.