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Vedanta Group co Twin Star moves SC against NCLAT stay in Videocon case

Business Standard  

Twin Star Technologies, a promoter entity of the Vedanta Resources group, has moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order, which set aside the approval granted by the Mumbai bench of the National Company Law Tribunal (NCLT) to the resolution plan put forward by the company for acquiring the Videocon Group. The petitioners have pointed to the fact that the NCLAT order is contrary to previous Supreme Court judgments which emphasised that an approved resolution plan is a binding contract and cannot be withdrawn. Further, the petitioners have also pointed to the fact that a successful resolution applicant has no recourse under the IBC. They have also contested the point raised by NCLAT in its order regarding prior approval not being obtained from the Competition Commission of India (CCI).