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Thursday, October 21, 2021

Videocon insolvency: Lenders make U-turn

Anil Agarwal’s Twin Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders.

By: ENS Economic Bureau | New Delhi |
September 21, 2021 3:47:16 am
SBI, on behalf of assenting creditors of Videocon, which represents 94.98 per cent voting had filed an application before the NCLAT requesting to remand back the matter to the CoC.

Lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm.

Anil Agarwal’s Twin Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders.

SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal’s Twin Star Technologies.

SBI, on behalf of assenting creditors of Videocon, which represents 94.98 per cent voting had filed an application before the NCLAT requesting to remand back the matter to the CoC.

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