Anil Aggarwal’s Vedanta Limited has started a legal battle in the acquisition case of Jaiprakash Associates Limited (JAL). Vedanta has filed a petition in the Supreme Court on March 25 after receiving a setback from the National Company Law Appellate Tribunal. Apni alleged that despite higher bids, fairness was not maintained in the process. Vedanta Group Chairman Anil Agarwal made a long post on his official X account. In this, the conversation with Jaiprakash Gaur, who founded Jaypee Group, was mentioned.
In his post he claimed that Vedanta Group had received written confirmation that it had won the bid for Jaypee Group’s assets. But later the decision was reversed. Was publicly declared as the highest bidder for the acquisition of Jaiprakash Associates Limited (JAL) under the insolvency process.
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He further wrote, ‘This morning I was reading the 15th chapter of Bhagavad Gita. One thought remained in my mind – have courage. Be polite. Perform your duty without any attachment. Life tested this. A few years ago, Jayaprakash Gaur, who founded Jaypee Group, came to London to meet me. He had built a huge empire through hard work and vision throughout his life. He contacted me several times. Write letters to me also. He had a very simple wish that whatever he created should go into safe hands and be carried forward with the right intentions. He expressed his confidence in me by writing a letter in Hindi in his own words. At that time we were not able to move forward in this matter.
We bid the highest: Anil Aggarwal
Aggarwal further said, ‘Recently this property was publicly auctioned by the COC under the IBC process. Many big and strong bidders participated. Suddenly the feelings and wishes of Jaiprakash Gaur became fresh in my mind. One by one all the bidders withdrew their names from the auction. Eventually we were publicly declared the ‘highest bidder’. It was a completely transparent process. We were informed in writing that we had won, but life is never that simple. The decision was changed after a few days. I don’t want to go into its specifics or details. The right platform exists for that.
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What is the whole matter?
JAL was declared bankrupt in 2024 for non-payment of debt of more than Rs 57 thousand crore. Only last year, the Company of Conservatives (CoC) gave the green signal to the proposed resolution plan of Adani Group related to JAL acquisition. Adani Enterprises got the maximum 89 percent votes from creditors. This was followed by Dalmia Cement (India) and Vedanta Group.
An appeal was made to the bankruptcy court NCLT for approval of Adani Group’s bid. After the bid was approved from here, Vedanta Group challenged it in the appellate body NCLT. However, Vedanta Group did not get relief from here also. Vedanta argues that the committee of creditors had declared it the highest bidder. Adani Enterprises had made a bid of Rs 14,535 crore. Whereas Vedanta had bid Rs 16,726 crore.
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