Videocon insolvency: Lenders make U-turn

Lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT in search of recent bids for the debt-laden shopper sturdy agency.
Anil Agarwal’s Twin Star Technologies had supplied Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders.
SBI, the main lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 corporations of the debt-ridden group, on account of robust observations in opposition to Rs 2,962 crore takeover bid by Anil Agarwal’s Twin Star Technologies.

SBI, on behalf of assenting collectors of Videocon, which represents 94.98 per cent voting had filed an software earlier than the NCLAT requesting to remand again the matter to the CoC.