Vedanta Resources Chairman Anil Agarwal on Sunday said the company had initially been declared the highest bidder for Jaiprakash Associates Ltd (JAL) in an insolvency auction, but the outcome was later reversed. This has prompted the firm to consider legal recourse.

In a post on X, Agarwal said Vedanta would pursue the matter through “appropriate channels”, signalling a challenge to the resolution process under the Insolvency and Bankruptcy Code (IBC).

Detailing the sequence of events, Agarwal said the bidding was conducted through a public auction overseen by the committee of creditors (CoC). Multiple bidders participated in the process before exiting, leaving Vedanta as the highest bidder, he claimed.

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“Finally, we were declared the highest bidder publicly. It was a transparent process. We were informed in writing that we had won,” Agarwal said, adding that the decision was subsequently altered. “After some days, the decision was changed. Don’t want to go into the details. That is for the right forum,” his X post read.

Anil Agarwal recalls interaction with JAL founder

Agarwal linked the episode to an earlier interaction with Jaiprakash Associates founder Jaiprakash Gaur, who had approached him in London years ago regarding the future of the business.

“His only wish was simple: that what he had built should go into safe hands and be taken forward with the right intent,” Agarwal said. He noted that Vedanta did not pursue the opportunity at the time but re-engaged when the asset entered insolvency proceedings.

Invoking the Bhagavad Gita, Agarwal said Vedanta would pursue the matter without attachment. “When something is promised in dharma, it should not be taken back,” he said, adding that the company would “place the facts in the right way”.

Vedanta challenges NCLT nod to Adani’s bid

The statement comes after Vedanta challenged the approval of a rival bid by Adani Enterprises. Earlier this month, the company approached the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT).

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The Allahabad bench of the NCLT on March 17 approved Adani Enterprises as the successful resolution applicant for Jaiprakash Associates.

Adani Enterprises’ ₹14,535 crore resolution plan had received approval from the CoC in November 2025. The insolvency process had attracted multiple bidders, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power and PNC Infratech.