Venugopal Dhoot challenges Vedanta's Videocon offer at NCLAT

Venugopal Dhoot, Videocon Industries, Vedanta group, twin start technologies for videocon industries, national company law appellate tribunal, Insolvency and Bankruptcy Code, nclat mohit, nclat, Twin Start Technologies, nclt

Venugopal Dhoot has challenged the offer of a Vedanta group affiliate for Videocon Industries at the National Company Law Appellate Tribunal (NCLAT) in a fresh twist to the controversial bankruptcy process that has been frowned upon by courts, according to people in the know.

Dhoot, who is the former promoter of the electronics to oil and gas company that also once owned telecom licences, has in the past made attempts to reclaim the company from bankruptcy through similar legal pleas though unsuccessfully.

In his latest plea at NCLAT, Dhoot has claimed that the sale of Videocon Industries through the Insolvency and Bankruptcy Code (IBC) process could have led to a recovery of ₹25,000 crore for lenders if its overseas oil and gas assets were included in the sale process.

Blaming Videocon’s resolution professional Abhijit Guha Thakurta for not including the overseas assets in the sale process and accusing him of running down the company’s value by keeping its factories shut during the IBC process, Dhoot has sought a stay on the sale of the company to a Vedanta affiliate company and insisted that a fresh bidding process be started.

Venugopal Dhoot, Videocon Industries, Vedanta group, twin start technologies for videocon industries, national company law appellate tribunal, Insolvency and Bankruptcy Code, nclat mohit, nclat, Twin Start Technologies, nclt

Dhoot’s lawyer Sandeep Ladda confirmed the plea filed with NCLAT when contacted. Emailed queries sent to Abhijit Guha Thakurta remained unanswered.

The National Company Law Tribunal (NCLT) had in June approved the resolution plan of Vedanta affiliate Twin Start Technologies for Videocon Industries. However, in its ruling it had noted that the buyer was “paying almost nothing” and asked if the lenders were taking a “hair cut or tonsure, total shave”.

Vedanta group’s plan offers less than Rs 5,000 crore to lenders of Videocon Industries as against the company’s total debt of around ₹50,000 crore, implying a recovery of less than 5% for lenders.

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