NCLAT Disposes of DoT's Petition Against Videocon Resolution Plan
NDTV
NCLAT on Tuesday disposed of a petition filed by the DoT challenging the Rs 2,962-crore takeover bid by Twin Star Technologies for Videocon Industries
The National Company Law Appellate Tribunal (NCLAT) on Tuesday disposed of a petition filed by the Department of Telecommunications (DoT) challenging the Rs 2,962-crore takeover bid by Anil Agarwal's Twin Star Technologies for Videocon Industries.
A two-member bench observed that the appellate tribunal earlier this month had already set aside the June 8 order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) approving Twin Star's bid and remanded the matter back to the Committee of Creditors (CoC) of Videocon.
"Counsel for the parties agreed that this Appeal be also disposed off in terms of the judgment dated 05.01.2022. The Appeal is allowed in terms of the judgment dated 05.01.2022 …," the NCLAT said.
Earlier on January 5, the NCLAT set aside the NCLT order after observing that the approval to the takeover plan was "not in accordance with" Section 31 of the Insolvency and Bankruptcy Code (IBC) and quashed "the approval of Resolution Plan by the Committee of Creditors (CoC) as well as Adjudicating Authority (NCLT)".
