The National Company Law Appellate Tribunal (NCLAT), on Monday, upheld the decision of the National Company Law Tribunal (NCLT) approving lenders’ selection of the Adani Group as the winning bidder for Jaiprakash Associates Ltd (JAL).
In its order, the appellate tribunal said there was no ground to interfere with the NCLT’s ruling, which had cleared the resolution process in favour of the Adani Group.
The NCLAT also noted that the lenders’ decision was based on their “commercial wisdom”, reinforcing the principle that such decisions taken by the committee of creditors should not be easily disturbed.
(With inputs from agencies)
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The NCLAT also noted that the lenders’ decision was based on their “commercial wisdom”, reinforcing the principle that such decisions taken by the committee of creditors should not be easily disturbed.
(With inputs from agencies)
