Videocon’s creditors give nod to Vedanta’s resolution plan
Videocon’s creditors give nod to Vedanta’s resolution plan – The committee of creditors (CoC) of Videocon has endorsed the goal plan of Vedanta Group’s Twin Star Technologies. The Videocon Group was going through a combined corporate bankruptcy measure for 13 organizations. The united obligation of the Videocon Group organizations was at Rs 61,773 crore as of September 10, 2020.
“The CoC has affirmed the goal plan presented by Twin-Star Technologies with 95.09% democratic offer under Section 30(4) of the Insolvency and Bankruptcy Code (IBC), 2016,” the organization said. Moneylenders have likewise documented the endorsed goal plat at National Company Law Tribunal for its endorsement.
The 13 organizations under the combined cycle incorporate Videocon Industries, Videocon Telecommunications, Electroworld Digital Solutions, Century Appliances, Evans Fraser as The organizations are into three business verticals, specifically, oil and gas, broadcast communications, and custom hardware and home apparatuses.
The recent executive and overseeing overseer of Videocon Industries, Venugopal Dhoot, had prior offered to settle the remarkable advances and pull out 13 Videocon bunch firms from the bankruptcy procedures. Notwithstanding, the loan specialists dismissed his proposition and proceeded with the indebtedness procedures under IBC.
NCLT had started a corporate bankruptcy measure for Videocon bunch organizations between June 6 and September 25, 2018. Afterward, the court requested to club indebtedness procedures of every one of the 13 gathering organizations.
SBI is the lead leaser to Videocon bunch with a conceded guarantee of Rs 11,151 crore, trailed by IDBI Bank which has a case of Rs 9,920 crore. Essentially, Union Bank has conceded the case of Rs 5,600 crore, Central Bank of India has a case of Rs 5,207 crore.
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