NCLAT on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal's Twin Star Technologies
Lenders in a bind as NCLT orders attachment of company and promoter assets
It has directed the erstwhile promoters of Videocon group to disclose in an affidavit their moveable and immovable properties/assets
SC directs DoT that it shall not invoke Airtel's Bank Guarantees for 3 weeks
IFCI, Sidbi and Bank of Maharashtra have also filed an appeal in the NCLAT against VIL's debt resolution, saying recovery is miniscule and it makes no sense to accept a 96% haircut
Videocon sold at a huge discount to Vedanta, says Dhoot
Why the group's oil and gas business could come into focus in the controversy over the bankruptcy award
While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.
Development follows an appeal by Bank of Maharashtra, a dissenting creditors. Matter is slated to be heard on September 9
Business Standard brings to you the top headlines on Monday
If sale is successful, lenders will get Rs 15,000 cr more from Videocon's debt resolution, taking their recovery to over 40%
The financial creditors of the debt-ridden Videocon Industries will get 8 per cent equity in the entity created by the merger of 11 group companies with the firm as per the resolution plan
VIL shares have been rising on the exchanges for the past few days after the announcement of Anil Agarwal's resolution plan.
Expresses surprise that Twin Star's bid was so close to liquidation value
Billionaire Anil Agarwal's metals-to-oil group said it will make an upfront payment of almost USD 40 million for the acquisition of Videocon Industries Ltd it will become largest shareholder.
Twinstar had offered to pay Rs 2,962 crore to the lenders of Videocon Industries which was saddled with debt of Rs 46,000 crore
The company dodged paying its principal amount and has held non-receipt of dues from Maharashtra State Electricity Distribution Company (MSEDCL) for the default
In December last year, Vedanta had won the race to acquire Videocon Industries after banks sought consolidated plan from bidders
Special judge A A Nandgaonkar granted bail to him on a personal bond of Rs 500,000
Fire in the factory broke out when some chemicals were being mixed to produce firecrackers. Stay tuned for Latest LIVE news