NCLAT admits Dhoot petition against Twin Star takeover

Videocon group CMD Venugopal Dhoot. File   | Photo Credit: PTI

The National Company Law Appellate Tribunal (NCLAT) has admitted a petition filed by former Videocon group CMD Venugopal Dhoot challenging an earlier order of the insolvency court NCLT approving a ₹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 directing them to file a reply by September 17.

“We have considered the submissions of various parties. We admit the appeal and the respondents are directed to file their reply by September 15, 2021, and, thereafter, the rejoinder, if any, be filed by September 17,” it said.

Hearing on Sept. 20

“Let the matter be listed ‘for hearing’ on September 20,” added a two-member bench comprising Justice J. K. Jain and A. K. Mishra.

On June 9, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the takeover bid by Twin Star Technologies for the 13 companies of the debt-ridden Videocon group.

However, the NCLT order was stayed by the NCLAT on July 19 over petitions filed by two dissatisfied creditors of the Videocon Group — Bank of Maharashtra and IFCI Ltd.

Mr. Dhoot, in his petition has requested the NCLAT to set aside the order passed by the NCLT and to direct the lenders to consider the ₹31,789 crore settlement plan submitted by him under section 12 of the IBC.

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Printable version | Oct 19, 2021 10:09:10 PM |

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