Total haircut of 95.85% to all the creditors in Videocon resolution plan
The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Limited (VIL) Ltds (VIL) resolution plan, a global news wire reported.
The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwal’s Twin Star Technologies.
Registered valuers have valued the assets of the 13 companies at a fair value of Rs 4,069 crore and at a liquidation value of Rs 2,568 crore, NCLT said.
The consolidated resolution amount for 13 companies offered by Twin Star stands at Rs 2,962 crore against the admitted claims of Rs 64,838 crore.
