Anil Agarwal claims Jaypee asset bid reversal after written confirmation

Mining baron Anil Agarwal on Sunday claimed Vedanta had received written confirmation that it had won a bid for a Jaypee Group asset, but the decision was subsequently reversed, without elaborating on the reasons. In a social media post, Agarwal said Vedanta was "declared the highest bidder publicly" to acquire Jaiprakash Associates Ltd (JAL) through the insolvency process. Attaching a source-based media report about the price opening meeting of lenders of the insolvent real estate company on September 5, Agarwal said, "It was a transparent process. We were informed in writing that we had won". "But life is never so simple. After some days, the decision was changed," he added. Billionaire Gautam Adani's group was the only other bidder for JAL, the flagship company of the Jaypee Group. The Committee of Creditors (CoC) of JAL evaluated the rival bids and subsequently went to the insolvency court NCLT for approval of the Adani bid. The NCLT's Allahabad bench approved the bid, agains

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