Twin Star goes to SC over its Videocon bid

Vedanta Chairman Anil Agarwal-promoted Twin Star Technologies has moved the Supreme Court challenging the NCLAT’s order that set aside its ₹2,692-crore bid for 13 group companies of the debt-ridden Videocon group.

Earlier this month, allowing the plea of dissented creditors, the National Company Law Appellate Tribunal (NCLAT) set aside the orders passed by the Mumbai bench of the NCLT, which had approved Twin Star’s ₹2,692 crore bid with a 95% hair cut against total admitted claims of ₹64,637.6 crore.

The NCLAT had asked the company’s resolution professional to re-run the process, which means a fresh bid has to be invited.

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Printable version | May 24, 2022 8:10:24 pm |