Whalesbook
Adani Group ekdum full form mein hai NCLAT mein, Jaypee Associates ke deal ko bachane ke liye.
Unke senior lawyer Ritin Rai ne clearly bola hai ki Corporate Insolvency Resolution Process (CIRP) bilkul fair aur transparent hui thi. Yeh sab chal raha hai Vedanta ki challenge ke khilaaf, jo Committee of Creditors (CoC) ke decision par sawaal utha rahi hai ki Adani ka plan kyu approve kiya gaya.
Adani ke counsel ne kaha ki Insolvency and Bankruptcy Code (IBC) ke rules follow kiye gaye hain, aur deadline ke baad koi bhi bid change allowed nahi hai. Unka argument hai ki Vedanta, jinko process ke terms pata the aur jo fully participate kar chuke the, woh ab late aur higher offer dekar case ko dobara kholne ki koshish kar rahe hain – jo IBC ke hisaab se bilkul galat hai.
Sabse bada point jo Adani utha raha hai, woh yeh hai ki Vedanta ka yeh move India ke insolvency system ke liye kitna dangerous precedent ban sakta hai. Agar process band hone ke baad late bids allow kiye jayenge, toh yeh system ki fairness aur predictability ko bahut kamzor kar dega. Isse distressed assets buy karne mein badi uncertainty aa jayegi aur investors ke liye risk badh jayega.
Adani ne bataya ki multiple bidding rounds hue the aur sabse compliant bidder (H1) decide kiya gaya tha. CoC ne apne commercial judgment se, sab valid plans ko review karne ke baad, 7th November ko Adani ka proposal approve kiya tha. Vedanta ka 8th November ka late, unsolicited offer toh process officialy band hone ke baad aaya hai.
Legal experts bhi keh rahe hain ki Supreme Court aur NCLAT ne hamesha CoC ke independent decision-making ko support kiya hai, jab tak process fair ho. Courts aksar CoC ke decisions respect karti hain, kyunki creditors ko pata hota hai ki apne paise kaise recover karne hain. Adani ka kehna hai ki CoC ka decision, jo sirf price nahi balki bid structure, completion ki ease, aur process rules follow karne par based tha, usko Vedanta ke late offer se challenge nahi karna chahiye.
Vedanta ki yeh challenge India ke rescue process par bhi sawaal utha sakti hai. Agar late bids consider hone lage, toh endless talks aur lawsuits chalte rahenge, jisse revival mein der hogi aur IBC ka main goal fail ho jayega. Yeh uncertainty investors ka confidence tod degi aur distressed asset market mein paisa lana mushkil kar degi. Jaypee Associates pehle se hi financial trouble mein hai, aur ye lambi legal fight assets ki value ko aur kam kar sakti hai.
NCLAT ka decision bahut critical hai. Agar tribunal CoC ke choice ko support karta hai, toh IBC process ki finality aur reliability badhegi. Lekin agar Vedanta ki argument maan li gayi, toh Indian insolvency cases mein aur bhi lawsuits ho sakte hain, jisse market participants ko apna risk assessment dobara karna padega.