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NCLAT stays Anil Agarwal-led Twin Star’s bid to acquire Videocon

NCLAT stays Anil Agarwal-led Twin Star's bid to acquire Videocon

NCLAT stays Anil Agarwal-led Twin Star’s bid to acquire Videocon

NCLAT stays Anil Agarwal-led Twin Star’s bid to acquire Videocon – Anil Agarwal-lead Twin Star Technologies’ Rs 2,962.02 crore bid to secure debt ridden Videocon Industries, as per The National Company Law Appellate Tribunal (NCLAT) said today in two-member NCLAT bench, headed by its officiating chairperson Justice AIS Cheema, stayed the order passed by the Mumbai bench of the National Company Law Tribunal on June 9.

The NCLAT order came after two petitions recorded by unsatisfied loan creditors – Bank of Maharashtra and IFCI Ltd – against the arrangement. The re-appraising council additionally gave notification to the board of banks, Videocon resolution expert and Twin Star, and looked for the answer in the following fourteen days.

The following hearing on the matter has been fixed on September 7. Videocon Industries and its 12 partner organizations had an absolute conceded cases of Rs 64,838.63 crore.

On June 16, the Mumbai seat of the National Company Law Tribunal (NCLT) had endorsed Vedanta Group’s Twin Star Technologies’ resolution plan for ambushed Videocon.

“Since this is the business report of the CoC and according to the different decisions of the Supreme Court and by following the legal points of reference, discipline the Adjudicating Authority (NCLT) endorses the resolution plan of the Successful Resolution Applicant with an idea, solicitation to both CoC and the Successful Resolution Applicant to build the compensation out sum to these Operational Creditors particularly MSMEs,” the NCLT had said.

According to the resolution plan, Twin Star Technologies should pay Rs 2,962 crore against Videocon’s complete obligation. Twin Star had consented to pay around Rs 500 crore in 90 days as forthright installment and the rest as non-convertible debentures over some time.

The NCLT had permitted indebtedness procedures against Videocon group involving 13 organizations in 2019 after state-claimed loan specialist SBI recorded a bankruptcy request against Videocon Industries in December 2017.

Prior, the Dhoot family had offered to pay Rs 30,000 crore to moneylenders to settle their extraordinary advances and pull out 13 Videocon bunch organizations from the indebtedness procedures. The consortium of loan specialists had, notwithstanding, dismissed Videocon advertiser Venugopal Dhoot’s settlement offer in December 2020.

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