Mining baron Anil Agarwal has raised fresh questions over the insolvency process involving Jaiprakash Associates Ltd (JAL), saying his company was first declared the winning bidder before the decision was reversed.
In a social media post on Sunday, Agarwal said Vedanta Limited had received written confirmation of its winning bid during the insolvency proceedings.
“It was a transparent process. We were informed in writing that we had won,” he said, referring to the lenders’ meeting where bids were opened.
Vedanta had participated in the resolution process alongside Gautam Adani’s group, the only other bidder for the debt-laden company. According to Agarwal, Vedanta was “declared the highest bidder publicly” during the process.
“But life is never so simple. After some days, the decision was changed,” he added, without elaborating on what led to the reversal.
The Committee of Creditors (CoC) eventually backed Adani’s bid and moved the National Company Law Tribunal (NCLT) for approval.
The Allahabad bench of the tribunal cleared the proposal, prompting Vedanta to challenge the decision before the National Company Law Appellate Tribunal (NCLAT). At a hearing on March 24, the appellate tribunal declined to stay the NCLT order.
It has now asked the CoC to respond within a week, with the next hearing scheduled for April 10. Vedanta has filed two appeals—one questioning the validity of the resolution plan and another challenging its approval by both the CoC and the NCLT.
During the proceedings, Vedanta’s counsel argued that the company’s bid of Rs 16,726 crore was higher than Adani Enterprises’ Rs 14,535 crore offer.
The counsel told the tribunal that the CoC’s discretion must be exercised strictly within the framework of the law and bidding rules. Lenders, however, have stood by their decision.
They said the process followed all Insolvency and Bankruptcy Code (IBC) norms and emphasised that the highest bid does not guarantee selection.
According to them, multiple factors were considered, upfront cash, feasibility of execution, and timelines.
Adani’s proposal offered around Rs 6,000 crore upfront and a faster repayment schedule of two years, while Vedanta’s plan stretched payments over up to five years.
They also rejected Vedanta’s revised offer, saying it came after the bidding window had closed. Accepting it would have meant restarting the process. Agarwal chose not to detail the circumstances behind the reversal.
“That is for the right forum” to decide, he said.
Instead, he framed the episode in personal and philosophical terms, recalling conversations with Jaypee Group founder Jaiprakash Gaur, who had expressed a desire that the company’s assets go to “safe hands”.
“We have no attachment to this asset. If it comes, it is God's grace. If it goes, that is also his wish,” Agarwal said, adding that commitments made in line with “dharma” should not be taken back.
He said Vedanta would pursue the matter through legal channels and follow due process, drawing from the teachings of the Bhagavad Gita. JAL was admitted to insolvency in June 2024 after defaulting on loans of over Rs 57,000 crore.
Its portfolio spans real estate, cement, power, hospitality, and infrastructure.
Its key assets include large townships such as Jaypee Greens in Greater Noida and Wishtown in Noida, the Jaypee International Sports City near the upcoming Jewar airport, cement plants in Madhya Pradesh and Uttar Pradesh, and hotel properties across Delhi-NCR, Mussoorie, and Agra.
It also holds stakes in companies like Jaiprakash Power Ventures and Yamuna Expressway Tolling.
