Vedanta was never declared highest bidder for JAL: RP tells NCLAT

The resolution professional of debt-ridden Jaiprakash Associates Ltd (JAL) told the National Company Law Appellate Tribunal (NCLAT) that there has been no formal declaration identifying Vedanta as the highest bidder in the insolvency process, according to court submissions. Senior Advocate Abhishek Manu Singhvi, appearing for the Resolution Professional (RP) said an e-mail dated September 5 circulated to all bidders only conveyed the highest financial value discovered during the challenge process, and did not constitute an official declaration of a successful bidder. He alleged that Vedanta's claim of being the highest bidder amounted to "suppression of material facts," arguing that its petition lacked a legal and factual basis. Singhvi further told the tribunal that the case presented by the mining group was "completely without foundational facts." "It is a perfectly simple, valid e-mail pointing out what will happen in future. When you do this, then we will evaluate. It's very ...

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