Vedanta arm is paying almost nothing for Videocon group, says NCLT

Expresses surprise that Twin Star's bid was so close to liquidation value

The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.

The tribunal also asked the Insolvency and Bankruptcy Board of India (IBBI) to look into