The National Company Law Appellate Tribunal on Monday stayed industrialist Anil Agarwal’s Twin Star Technologies’ ₹2,962.02 crore-takeover bid of debt-ridden Videocon Industries.
A two-member NCLAT bench headed by Officiating Chairperson Justice A I S Cheema stayed the order passed by the National Company Law Tribunal’s Mumbai bench on June 9.
The appellate tribunal’s direction came over two petitions filed by unsatisfied creditors — Bank of Maharashtra and IFCI Ltd.
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The NCLAT has issued notices to the Committee of Creditors, the Resolution Professional of Videocon and the successful resolution applicant Twin Star. It has asked them to reply within two weeks and posted hearing on September 7.
“NCLAT after considering the contentions of Bank of Maharashtra stayed the orders of the NCLT,” advocate Chaitanya B Nikte, who had filed on behalf of Bank of Maharashtra, told PTI.
Videocon Industries and its 12 group companies had a total admitted claims of ₹64,838.63 crore.
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