Vedanta, led by Anil Agarwal, has filed a challenge with the National Company Law Appellate Tribunal (NCLAT) against the approval of a resolution plan for Jaiprakash Associates Limited (JAL) awarded to an Adani Group entity. Vedanta argues that the winning bid of ₹14,535 crore is significantly lower than JAL's estimated liquidation value of ₹15,799.53 crore, which it claims is detrimental to stakeholders. The company asserts that its own proposal of ₹17,926 crore not only exceeds the liquidation benchmark but also maximizes value for creditors. Vedanta's counsel criticized the committee of creditors (CoC) for failing to adequately explain their choice of the lower bid, stating that financial creditors have a fiduciary duty to all stakeholders. Furthermore, Vedanta raised concerns about the transparency of the bidding process, alleging material irregularities and a lack of meaningful deliberation. The case is set for further hearing on April 13, with implications for how commercial decisions are scrutinized in insolvency proceedings. This dispute highlights the ongoing competition between major Indian conglomerates for control of JAL, which has significant real estate assets in northern India.