Vedanta's Claim of Being Highest Bidder 'False Narrative', RP Tells NCLAT in Jaypee Associates Insolvency Case

New Delhi, April 18: Singhvi submitted that claims suggesting Vedanta was once declared the highest bidder and later displaced are entirely unfounded and not supported by the record.

Key Arguments

On Vedanta's Claim

• An email sent by the RP to all resolution applicants only disclosed net present value figures

• The communication did not declare Vedanta as the highest bidder

• Vedanta selectively presented documents to create a misleading impression

On Revised Proposal

• Vedanta's revised proposal submitted after the deadline and just before voting amounted to an "ambush"

• Allowing post-deadline changes would set a dangerous precedent

• The Committee of Creditors found the revision to be non-compliant

On Legal Principles

• No resolution applicant has a vested right to have its plan approved

• The CoC's commercial wisdom is paramount

• Judicial interference in such decisions is limited

Additional Submissions

Senior Advocate Arun Katpalia (also appearing for the RP) argued:

• The process document explicitly barred any revision in financial proposals after the challenge process

• Vedanta's addendum altered key elements including upfront cash and equity infusion

• Vedanta participated in the CoC meeting on November 7 without raising objections

• The revised proposal was introduced only on November 8, in violation of the prescribed process

Next Hearing

The Committee of Creditors will argue in the matter on Monday, April 20.