NEW DELHI: An Indian appeals court on Monday rejected the challenge by Indian billionaire Anil Agarwal’s Vedanta to fellow billionaire Gautam Adani’s winning bid for a bankrupt real estate giant, a lawyer involved in the case told Reuters.
The win gives a boost to Adani’s takeover of over $4 billion in prized assets of bankrupt Jaiprakash Associates that include the country’s only Formula One track.
The appeals tribunal said it did not find merit in the issues raised in the challenge and dismissed the appeal, New Delhi-based lawyer Bishwajit Dubey told Reuters.
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