NCLAT stays NCLT's nod to Twinstar's resolution plan for Videocon Group

Development follows an appeal by Bank of Maharashtra, a dissenting creditors. Matter is slated to be heard on September 9

The National Company Law Appellate Tribunal (NCLAT) has stayed the approval granted by the Mumbai Bench of the National Company Law Tribunal (NCLT) to the resolution plan submitted for the beleaguered Videocon Group by Twinstar Technologies, a promoter entity of Vedanta Resources.

This came after an appeal by Bank of Maharashtra, one of the dissenting creditors, and the matter is slated to be heard on September 7.

“... the impugned order is stayed till the next date and status quo ante as before passing of the impugned order is directed to be maintained,” said the NCLAT, in its order on Monday. It