Gautam Adani-led Adani Enterprises has edged out Vedanta in the race to take over Jaiprakash Associates Ltd (JAL), despite Vedanta placing the highest overall bid in an electronic auction, according to market sources.

JAL, the flagship of the Jaypee Group, has interests across cement, power, engineering, hospitality, real estate and sports infrastructure.

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Creditors of Jaiprakash Associates Ltd (JAL) unanimously voted in favour of Gautam Adani-led Adani Enterprises’ resolution plan, despite Vedanta’s being the highest technically, due to which the creditors’ decision to favour Adani is likely to be challenged legally.

The National Asset Reconstruction Company is JAL’s largest creditor. Jaiprakash Associates (JAL), which owes its creditors (lenders) Rs 55,000 crore, was adm

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