In the ongoing insolvency proceedings of Jaiprakash Associates Ltd (JAL), the Adani Group has backed the Committee of Creditors (CoC) in opposing Vedanta's late bid, which was submitted after the bidding process closed. Senior advocate Ritin Rai, representing Adani, argued before the National Company Law Appellate Tribunal (NCLAT) that the bidding process was conducted fairly and transparently, with no alterations allowed post-deadline. He emphasized that Vedanta participated with full knowledge of the rules and timelines but is now attempting to reopen the process with a higher offer, which he deemed impermissible under the Insolvency and Bankruptcy Code (IBC). The CoC has also stated that allowing such a revision would compromise procedural integrity. Vedanta contends that its proposal, estimated at ₹17,926 crore, exceeds JAL's liquidation value of ₹15,799.53 crore, thus providing better returns for creditors. However, the NCLAT must now decide if flexibility in maximizing asset value can override strict adherence to established timelines.