Twin Star to approach SC against NCLAT stay in Videocon case

Vedanta group, Videocon Group, bank of maharashtra, Volcan Investments, anil agarwal

Twin Star Technologies has decided to approach the Supreme Court to vacate a National Company Law Appellate Tribunal (NCLAT) order staying the bankruptcy court’s approval to the revival plan for Videocon Industries.

Twin Star is owned by Volcan Investments, a company of Vedanta Group’s Anil Agarwal.

“Once the committee of creditors approved the resolution plan and the adjudicating authority stamped its approval on it, then nothing remains to challenge for dissenting minority shareholders,” said a person privy to the development. “The Supreme Court has also clarified explicitly that the commercial wisdom of the lenders prevails.”

The Mumbai bench of the National Company Law Tribunal (NCLT), the dedicated bankruptcy court, had approved the resolution plan for Videocon Industries on June 8.

However, two dissenting financial creditors,

Bank of Maharashtra

and IFCI, challenged that ruling at the appellate tribunal, which on July 19 stayed the operation on the NCLT’s order until further order.

Senior advocate Gopal Jain, who is appearing for Twin Star, confirmed the development but refused to divulge any details since the matter is sub judice.

Against admitted financial claims of Rs 61,773 crore, the NCLT-approved resolution plan from the Vedanta Group firm was for a little over Rs 3,000 crore. Out of this, as per the resolution plan, Twin Star will put up Rs 500 crore within 90 days.

An email query to Abhijit Guhathakurta, the resolution professional for the Videocon Group, did not elicit any response till press time Friday.

The consortium of 35 financial lenders had approved Twin Star Technologies’ resolution plan with over 95% voting.

Now another dissenting financial creditor, Small Industries Development Bank of India which has about 0.053% voting share in the committee, has also approached the appellate tribunal with similar prayers of the other two dissenting creditors.

Venugopal Dhoot-promoted Videocon Industries was part of a list of 40 debtors referred for compulsory insolvency resolution process by the Reserve Bank of India. In 2019, the NCLT allowed the consolidation of 11 Videocon Group companies with Videocon Industries for a composite corporate insolvency resolution process.

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