The Countrywide Business Legislation Appellate Tribunal (NCLAT) has set aside an order of the Mumbai bench of NCLT approving Anil Aggarwal-led Twin Star Technologies’ bid for Videocon Group by letting attraction filed by Bank of Maharashtra and IFCI Ltd.
A two-member bench of Jarat Kumar Jain and Ashok Kumar Mishra explained the provisions of the Insolvency and Personal bankruptcy Code (IBC) have not been complied with throughout the corporate insolvency resolution approach of Videocon Group.
“In check out of the evaluation of points and regulation, we have appear to the summary that portion … of the code (IBC) has not been complied with. Consequently the approval of the resolution program is not in accordance with portion 31 of the code. Appropriately, the approval of the resolution of the program by CoC as very well as the designated authority (NCLT) is set aside.
“The make any difference is remitted back again to CoC,” the appellate tribunal explained whilst disposing of all the interim programs.
Twin Star Tech is a wholly-owned subsidiary of Vedanta’s guardian corporation Volcan Investments.
Dissenting lenders BoM, IFCI experienced contested Twin Star’s offer you that entailed 95% haircut, claimed it was as well close to liquidation benefit, which was also not properly calculated.
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