New Delhi, April 16 -- The National Company Law Appellate Tribunal (NCLAT) on Thursday heard detailed submissions on behalf of Vedanta Limited challenging the approval of Adani Enterprises' Rs 14,535-crore resolution plan for Jaiprakash Associates Ltd (JAL), with the matter now slated for further hearing tomorrow.

Vedanta argued that the Committee of Creditors' (CoC) evaluation framework resulted in a "distorted outcome," where lower-value bids were ranked above its significantly higher offer exceeding Rs 17,000 crore.

It contended that the scoring mechanism lacked transparency, consistency, and a clear linkage to value maximisation, thereby defeating the core objective of the insolvency process.

Vedanta further submitted that despite ...