The Third Battle of Panipat was fought on January 14, 1761 between the Maratha Empire and the invading forces of Ahmed Shah Abdali (Durrani). The Marathas were led by Sadashivrao Bhau (not Bairam Khan, who was Akbar's regent). While option C correctly identifies the primary combatants (Ahmed Shah Abdali and Marathas), it incorrectly names Bairam Khan. Despite this, option C is still the most accurate among the choices.