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Videocon: DoT moves NCLAT against selection of Twin Star Tech's Rs.2,962-Cr bid

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The Department of Telecommunication (DoT) has moved the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT) approving the consolidated resolution plan for 13 companies of Videocon Group, including Videocon Telecommunications. The DoT, in its petition, has requested the appellate tribunal to set aside the order passed by the Mumbai bench of the NCLT on June 8, 2021 allowing the INR 2,962-crore takeover bid by Anil Agarwal's Twin Star Technologies. DoT has argued that defaulting telecom companies cannot be permitted to wriggle out of their liability by the triggering of the Corporate Insolvency Resolution Process. NCLAT has directed to list DoT's appeal for hearing on January 11, 2022.