In an appeal, the Bank of Maharasthra alleged that the RP provided for payment through NCDs and equities are not permissible under IBC.
The National Company Law Appellate Tribunal (NCLAT) has stayed the acquisition of Videocon group by Vedanta group’s Twinstar Technologies through the insolvency process, on an appeal filed by the Bank of Maharashtra.
The NCLT had earlier approved the offer made by Tiwnstar technologies but had expressed surprise that the bid placed by the Vedanta Group entity for acquiring 13 companies under the Videocon Group was almost the same value arrived at by the registered valuers for liquidation.
According to the valuation reports, the fair value of the Videocon group was ₹4,069.95 crore, while the liquidation value was ₹2,568.13 crore. Twin Star Technologies, under Anil Agarwal’s Vedanta group, has offered ₹2,962.02 crore to acquire Videocon.