NCLAT junks Anil Agarwal-led firm’s takeover of Videocon
The Hindu
IBC provisions not complied with, says the appellate body
A bankruptcy appeals court on Wednesday scrapped billionaire Anil Agarwal-led Twin Star Technologies’ winning bid to take over Videocon Industries Ltd. on a plea by some creditors that the money offered imposed a steep ₹62,000-crore haircut upon banks.
The National Company Law Appellate Tribunal (NCLAT) asked creditors to initiate fresh sale of Videocon, a consumer durables company manufacturing products ranging from air-conditioners to washing machines, for recovery of their unpaid ₹64,637.6 crore.
While a majority of lenders had previously accepted Twin Star Technologies’ ₹2,962.02-crore offer, Bank of Maharashtra (BoM) and IFCI Ltd. dissented, saying the amount offered was close to the liquidation value of the bankrupt firm and that they cannot be paid less than the liquidation value.
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