New Delhi, April 22 -- The National Company Law Appellate Tribunal (NCLAT) has reserved its order after hearing detailed arguments and counter-arguments in the Jaypee insolvency case, directing all parties to file written submissions within two to three days.

In his counter argument on Tuesday, senior counsel Abhijeet Sinha appearing for Vedanta Group, argued that the entire resolution process was vitiated by serious lapses, including lack of transparency, non-consideration of material aspects, and absence of a fair evaluation framework.

Sinha submitted that Vedanta's resolution plan was never properly evaluated at any stage, with key elements of its proposal allegedly ignored.

"The process fails the test of a fair and value-maximising...