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Venugopal Dhoot moves NCLAT against Twin Star’s Videocon takeover bid

Venugopal Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT) has requested to set aside the order passed by the Mumbai Bench of the NCLT and to direct the lenders to consider Rs 31,789 crore settlement plan submitted by him under Section 12 of the IBC.

By: ENS Economic Bureau | New Delhi |
Updated: August 2, 2021 10:32:47 am
Venugopal Dhoot

Venugopal Dhoot, former promoter of Videocon Group, has moved before the NCLAT, challenging an order of the insolvency court NCLT approving Rs 2,962 crore takeover bid by Anil Agarwal’s Twin Star Technologies for 13 companies of the debt-ridden group.

Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT) has requested to set aside the order passed by the Mumbai Bench of the NCLT and to direct the lenders to consider Rs 31,789 crore settlement plan submitted by him under Section 12 of the IBC.

He questioned the role played by the Resolution Professional and said he should have mentioned the foreign oil and gas assets of Videocon Group in the information memorandum (Tender Form) to all the bidders and hence no valuation was considered.

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