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Lenders may consider fresh bids for Videocon

Economic Times  

After getting rapped for accepting Vedanta group's bid that would give just 5% of their outstanding loans, lenders to Videocon Industries approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Vedanta Group promoter Anil Agarwal's Twin-Star Technologies had offered INR 2,962 crore to takeover Videocon Industries, which was 4.15 % of the admitted claims of INR 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group. SBI, on behalf of assenting creditors of Videocon, which represents 94.98 % voting, had filed an application before the NCLAT requesting to remand back the matter to the Committee of Creditors (CoC) for reconsideration and allow it to conduct a fresh process of inviting bids.