Top Bidder for Japan Airlines Remains Confidential, Says Resolution Professional

Mumbai: Vedanta's Bid for Jaiprakash Associates Ltd Assets Challenged

The National Company Law Appellate Tribunal (NCLAT) Delhi bench, led by Ashok Bhushan, was hearing Vedanta's plea challenging Adani Enterprises as the highest bidder in the Jaiprakash Associates Ltd (JAL) insolvency case. Resolution professionals representing JAL informed the appellate tribunal that mining firm Vedanta Ltd had no basis to infer that it was the highest bidder for JAL's assets.

During the hearing, Abhishek Manu Singhvi, representing the resolution professionals, argued that the details of the top bidder were never disclosed during the insolvency resolution process. This, he claimed, made it unfair for Vedanta to suggest that the resolution professionals had initially declared it as the highest bidder and then shifted their stance without foundational facts.

Vedanta's Bid Compared to Adani's Resolution Plan

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Vedanta had earlier informed the appellate court that it had submitted an overall bid of about ₹17,000 crore, translating to about ₹12,505 crore on an NPV basis, and argued that it offered better value. Adani's resolution plan, pegged at ₹14,543 crore, includes an additional ₹800 crore towards capital expenditure and working capital, taking the total to about ₹15,343 crore. Against admitted claims of about ₹60,637 crore, this translates into a recovery of around 24%.

The lenders have defended their decision, maintaining that resolution plans are evaluated on multiple parameters, including upfront cash, feasibility, viability, and execution timelines, not just headline value or NPV. Vedanta's legal counsel refuted these allegations as 'baseless' and said they have "not suppressed any documents and presented everything in court".

The battle between mining firms for JAL comes on the back of a bidding war for nearly 4,000 acres across Noida, Greater Noida, and the Yamuna Expressway, along with hotels, commercial assets, cement capacity, and a Formula 1 racing track. JAL went into bankruptcy in 2024 and owes more than ₹50,000 crore as debt to creditors.

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The next hearing is scheduled for 20 April, when the committee of creditors (CoC) represented by solicitor general Tushar Mehta is expected to respond. The resolution plan was approved by the Allahabad bench of the National Company Law Tribunal (NCLT) on 17 March, following which Vedanta moved the NCLAT and the Supreme Court, seeking to halt it.