Bankruptcy award: Why Videocon's oil & gas biz could come into focus

Why the group's oil and gas business could come into focus in the controversy over the bankruptcy award

It is extremely unusual for public sector financial ins­titutions to break ranks and oppose each other as Bank of Maharashtra (BoM), Sidbi and IFCI have done in the Videocon group bankruptcy case. But then, so many things about the group’s run-in with the regulators for some years are unusual. It gets more complicated since some of those run-ins also involve the Vedanta group, whose entity Twin Star Technologies Limi­ted has emerged the winner of the rescue plan.

In the bankruptcy case, the three financial institutions have dissented to the resolution plan approved by the National Company Law Tribunal (NCLT). These