NCLAT stays NCLT nod for Vedanta arm’s Videocon takeover

The National Company Law Appellate (NCLAT) on Monday ordered established order to be maintained within the insolvency case of Videocon Industries Limited, thereby staying the approval granted to Vedanta group’s Twin Star Technologies by the Mumbai Bench of the National Company Law Tribunal (NCLT).
Hearing an enchantment filed by Bank of Maharashtra, a two member Bench headed by officiating NCLAT chairperson Justice A I S Cheema mentioned that since issues had been raised that Twin Star Technologies, the profitable decision applicant would “bring in just Rs 262 crore and from that also first payment of Rs 200 crore will be brought in 25 months,” the established order needs to be maintained.
The matter will probably be subsequent heard on September 7 and until then the decision skilled would proceed to handle the corporate as per the provisions of the Insolvency and Bankruptcy Code (IBC), the NCLAT mentioned in its order.
Last month, the Mumbai bench of NCLT had, whereas approving the plan submitted by Twin Star Technologies, had raised questions on Vedanta group firm’ Rs 2,962 crore bid for 13 Videocon group firms, noting that the applicant was paying “almost nothing”.
The decision of the 13 firms of the Videocon group is the primary group insolvency decision accomplished beneath the Insolvency and Bankruptcy Code (IBC).