Lenders seek to scrap sale of Videocon, move NCLAT

© Provided by The Times of India

TNN

Mumbai: Vedanta’s winning bid to acquire Videocon’s assets through its company Twin Star Technologies is likely to fall through with lenders approaching the National Company Law Appellate Tribunal (NCLAT), seeking fresh bids for the firm.

In an unusual turn of events, the committee of creditors has decided to go back on their earlier approval for a bid after their acceptance turned controversial because it was very close to the liquidation value. Even as the National Company Law Tribunal (NCLT) approved the proposal, it had castigated lenders for the deal because of which the applicant was paying “next to nothing”. The court was also surprised that Twin Star’s valuation of the 13 companies of the Videocon Group was almost identical to the registered valuers’.

The deal was stalled after the Bank of Maharashtra, a dissenting creditor, approached the NCLAT. In a parallel development, the government, through the corporate affairs ministry, had moved the NCLT to act against Videocon under Section 241-242 of the Companies Act. Following this petition, the tribunal directed the Indian Banks Association, depositories and the income tax authorities to freeze all assets of promoters and senior management of Videocon Group.

Anil Agarwal’s Twin Star Technologies had bid Rs 2,962 crore to acquire the Videocon Group companies, which was just over 4% of the admitted claims of Rs 64,838 crore. The application for a re-bid was made by SBI, the lead bankers to the bankrupt group. SBI represented assenting creditors of Videocon, who accounted for nearly 95% of the debt.

The two-member NCLAT bench headed by Justice Jarat Kumar Jain and member Kanthi Narahari, posted the matter for further hearings on September 27.

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