Whalesbook
Adani ka JAL deal pakka, Vedanta ka offer reject!
Dekho, NCLAT ne Adani Group ke Jai Prakash Associates Ltd (JAL) wale deal ko confirm kar diya hai, aur Vedanta ki challenge ko theek se dismiss kar diya. Mazedaar baat yeh hai ki Vedanta ne ₹12,505.85 crore ka Net Present Value (NPV) offer kiya tha, jo Adani ke ₹14,535 crore plan se zyada tha. Lekin, Committee of Creditors (CoC) ne Adani ke proposal ko 93.81% vote se favour kiya tha. NCLAT ne iss decision mein resolution process ki finality ko importance di, aur Vedanta ki baad mein changes mangne wali attempts ko nahi maana.
Valuation ka chakkar aur commercial decisions
Vedanta ka total proposed value ₹17,926 crore tha, uske superior NPV ke saath. Wahi, JAL ka liquidation value ₹15,799 crore hai, matlab Adani ka plan lagbhag ₹1,264 crore kam tha. Lekin, Supreme Court ke purane rulings ke hisaab se, agar CoC ko koi plan commercially sound lagta hai toh woh liquidation value se kam bhi ho sakta hai. NCLAT ne iss baar process note ko follow karne ka decision liya, jahan Vedanta ke khud ke statements ke hisaab se score improve ho sakta tha, sirf financial figures ko compare karne ke bajaye.
Process aur scoring par sawaal
Kuchh allegations aayi thi ki Vedanta ko information leak hui thi, lekin NCLAT ne ise speculative mana kyuki koi proof nahi mila tha. Critics ka kehna hai ki tribunal ne iss baat ko pura focus nahi kiya ki sabko equal opportunity mili thi ya nahi. IDRCL ka role bhi sawalon mein hai, jahan applicant ke present na hone ya formal CoC vote ke bina score change suggest kiya gaya. IBBI disclosure system mein transparency ko lekar bhi doubts hain. Ek bada debate evaluation matrix ko lekar hai, jisme upfront cash aur NPV dono count kiye gaye. Kuch log maante hain ki yeh Vedanta jaise higher NPV wale plans ko unfair tarike se penalize karta hai jinme immediate cash kam hai.
Compliance aur chhoot gaye arguments
Vedanta ne argue kiya tha ki Adani ka plan section 30(2)(b) of the IBC ko violate karta hai kyuki woh JAL ke liquidation value se kam tha. Is section mein alag-alag creditor classes, jaise operational creditors aur homebuyers, ke liye specific checks hote hain taaki unko unka liquidation share mil sake. Kyuki Vedanta ne har class ke liye specific payout details ya arguments nahi diye the, unka yeh claim, chahe valid ho sakta tha, but procedurally waive ho gaya.
IBC reforms ki maang tez
Iss case ne IBC mein badlav ki maang ko aur badha diya hai. Reforms mein kuch suggestions hain: score adjustments ke liye documented approval mandatory karna, government-affiliated CoC members ke liye clear disclosure rules banana, liquidation value se kam wale plans ke liye class-specific analysis enforce karna, aur scoring methods mein potential biases ko review karna. Supreme Court ko bhi shayad yeh clear karna padega ki process-finality rules integrity concerns ke saath kaise apply hote hain.