Mining giant Vedanta Group on Friday questioned the evaluation metrics adopted by lenders of Jaiprakash Associates Ltd (JAL), which had selected the lower bid of Rs 3,400 crore from Adani Enterprises for the debt-ridden company.
During proceedings of the insolvency appellate tribunal National Company Law Appellate Tribunal (NCLAT), the counsel representing Vedanta Ltd said the “valuation in the process has been used to wipe out commercial wisdom” by the committee of creditors (CoC).
Pointing towards the evaluation matrix used by the CoC, senior advocate Abhijeet Sinha asked whether it was used “to achieve value maximisation or is it being used for some other purpose”.
He submitted that the evaluation matrix, RFRP (request for resolution plan) and process note relied upon by the CoC are merely guiding tools and cannot override the core objective of the insolvency framework, which is maximisation of value.
Contending that Vedanta’s bid was Rs 3,400 crore higher in gross value and Rs​Mining giant Vedanta Group on Friday questioned the evaluation metrics adopted by lenders of Jaiprakash Associates Ltd (JAL), which had selected the lower bid of Rs 3,400 crore from Adani Enterprises for the debt-ridden company.
During proceedings of the insolvency appellate tribunal National Company Law Appellate Tribunal (NCLAT), the counsel representing Vedanta Ltd said the “valuation in the process has been used to wipe out commercial wisdom” by the committee of creditors (CoC).
Pointing towards the evaluation matrix used by the CoC, senior advocate Abhijeet Sinha asked whether it was used “to achieve value maximisation or is it being used for some other purpose”.
He submitted that the evaluation matrix, RFRP (request for resolution plan) and process note relied upon by the CoC are merely guiding tools and cannot override the core objective of the insolvency framework, which is maximisation of value.
Contending that Vedanta’s bid was Rs 3,400 crore higher in gross value and Rs ​Latest News [ SOBAN NEWS: International and National ]
