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NCLT okays Vedanta Group firm's bid for Videocon Industries
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The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies Limited, a Vedanta Group company, to acquire the bankrupt Videocon Industries.
The Committee of Creditors of Videocon had approved the plan last year with 95.09 per cent votes. The plan was then filed with the NCLT for its approval on December 15, 2020.
"NCLT has pronounced the order on June 8, 2021 approving the resolution plan for the consolidated corporate debtors, including the company, under Section 31 of the Code (Approval Order)," Videocon Industries said in a regulatory filing.
As per the resolution plan, the equity shares of the company would be delisted. Twin Star will pay Rs 3,000 crore and another Rs 500 crore cash lying with the company will also be given to the banks.
