Venugopal Dhoot moves NCLAT to set aside NCLT order on Videocon

He accuses resolution professional of eroding the value of the company by closing it down

Former promoter and chairman of the Videocon Group, Venugopal Dhoot, has moved the National Company Law Appellate Tribunal (NCLAT) against the June 8, 2021 order of the National Company Law Tribunal (NCLT) Mumbai approving the bid of Vedanta Group company Twinstar Technologies Limited to acquire the bankrupt Videocon Industries Limited for ₹2,962 crore. Mr. Dhoot has petitioned NCLAT to set aside the ‘Resolution Plan’ approved by the NCLT and to direct the Committee of Creditors to consider the ‘Resolution Plan’ submitted by him under Section 12A of the Insolvency and Bankruptcy Code (IBC) that entails a “zero haircut” (involving no loss to the banks/ creditors). Accusing the resolution professional of withholding information in the tender form and eroding the value of the company by closing it down, Mr. Dhoot said in his petition that the resolution professional had violated Sections 30(2) and 61(3)(ii) of the IBC.