Vedanta Ltd. filed two petitions challenging the choice of Adani Enterprises' resolution plan for debt-ridden Jaiprakash Associates Ltd (JAL), but the National Company Law Appellate Tribunal (NCLAT) dismissed them on Monday.
A two-person bench made up of Member Technical Barun Mitra and Chairperson Ashok Bhushan ruled that there was no basis for interfering with the National Company Law Tribunal's (NCLT) decision to allow the resolution process.
"The appeal has no merit. The tribunal declared that there were "no orders to pass" and dismissed both appeals.The Committee of Creditors' (CoC) decision was also confirmed by the tribunal, which said that it was made in the exercise of "commercial wisdom" following a comprehensive review of resolution plans.It further noted that the Resolution Professional's handling of the insolvency resolution procedure was devoid of any significant irregularities.
Despite Vedanta's claim that its offer was higher by approximately ₹3,400 crore in gross value and approximately ₹500 crore in net present value terms, the tribunal rejected Vedanta's claim that its bid was financially superior and noted that the CoC's decision to approve Adani Enterprises' plan could not be deemed arbitrary or perverse.