Supreme Court to hear NCLAT’s decision in Videocon resolution matter today
The Supreme Court will on Tuesday hear the decision of the National Company Law Appellate Tribunal (NCLAT) on the Videocon Industries Ltd resolution matter. Earlier in August, the apex court had refused to set aside the stay order given by the NCLAT on Vedanta group’s Twin Star Technologies acquisition of Videocon group.
The NCLAT had in July stayed industrialist Anil Agarwal-led Twin Star Technologies’ ₹2,962.02 crore-takeover bid for debt-ridden Videocon Industries over the pleas filed by two dissenting creditors, reports news agency PTI.
Prior to it, a two-member NCLAT bench headed by its Officiating Chairperson Justice A I S Cheema had stayed the order passed by the NCLAT in June and directed to maintain “status quo ante” as before passing of the order, till the next date of hearing.
