Billionaire industrialist Anil Agarwal has been dealt an enormous blow by the Nationwide Firm Legislation Appellate Tribunal (NCLAT). In truth, the NCLAT has rejected the profitable bid of Anil Agarwal-led Twin Star Applied sciences for the acquisition of Videocon Group.
What’s the purpose: The NCLAT has given this determination on the petition of some lenders. These lenders stated that the supply to accumulate Videocon Group would end in a lack of a whopping Rs 62,000 crore to them. In truth, the Mumbai bench of the Nationwide Firm Legislation Tribunal (NCLT) had ordered quashing of the profitable bid for the acquisition. Thereafter, Twin Star Applied sciences filed a petition with the NCLAT. On this petition an enchantment was made to order permission to the bid, which has now been dismissed.
The NCLAT has requested the lenders or banks, which have given credit score to Videocon, to begin the method of its sale afresh. Videocon is a shopper sturdy firm that manufactures all the things from air conditioners to washing machines. Lenders must recuperate dues of Rs 64,637.6 crore from Videocon.
The NCLAT order got here within the backdrop of two videocon group lenders Financial institution of Maharashtra and IFCI Ltd. got here on the petitions of The petitions challenged the NCLT’s order permitting Twin Star Applied sciences’ bid for 12 extra group firms together with Videocon Industries.
Earlier on June 9, the Mumbai bench of the NCLT had cleared Twin Star Applied sciences’ bid of Rs 2,962 crore for the debt-ridden group. Whereas most lenders agreed with Twin Star Applied sciences’ bid of Rs 2,962.02 crore, Financial institution of Maharashtra and IFCI opposed it.