NCLAT sets aside NCLT order approving Twin Star’s bid for Videocon Group

The Nationwide Corporation Regulation Appellate Tribunal (NCLAT) has set aside an get of the Mumbai bench of NCLT approving Anil Aggarwal-led Twin Star Technologies’ bid for Videocon Team by enabling attraction submitted by Lender of Maharashtra and IFCI Ltd.

A two-member bench of Jarat Kumar Jain and Ashok Kumar Mishra claimed the provisions of the Insolvency and Individual bankruptcy Code (IBC) have not been complied with through the company insolvency resolution course of action of Videocon Team.

“In look at of the investigation of facts and law, we have appear to the summary that segment … of the code (IBC) has not been complied with. That’s why the acceptance of the resolution prepare is not in accordance with segment 31 of the code. Appropriately, the acceptance of the resolution of the prepare by CoC as nicely as the designated authority (NCLT) is set aside.

“The subject is remitted back to CoC,” the appellate tribunal claimed even though disposing of all the interim purposes.

Twin Star Tech is a wholly-owned subsidiary of Vedanta’s mum or dad corporation Volcan Investments.

Dissenting collectors BoM, IFCI had contested Twin Star’s give that entailed ninety five% haircut, claimed it was much too shut to liquidation price, which was also not correctly calculated.

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