Debt

Debt Financing

Videocon: NCLAT admits Venugopal Dhoot's petition against Twin Star takeover bid

Economic Times  

The National Company Law Appellate Tribunal (NCLAT) has admitted the petition filed by former Videocon group Chairman and Managing Director Venugopal Dhoot challenging the earlier order of the insolvency court NCLT approving INR 2,962 crore takeover bid for its 13 group companies by Anil Agarwal's Twin Star Technologies. The appellate tribunal has issued notices to the resolution professional, lenders and Twin Star Technologies directing them to file a reply by September 17. Earlier on June 9, the Mumbai bench of the National Company Law Tribunal (NCLT) approved INR 2,962 crore takeover bid by Twin Star Technologies for the 13 companies of the debt-ridden Videocon group. Dhoot, in its plea filed before the NCLAT has requested to set aside the order passed by the Mumbai bench of the NCLT and to direct the lenders to consider Rs 31,789 crore settlement plan submitted by him under section 12 of the Insolvency & Bankruptcy Code (IBC).