Twin Star’s plea: Supreme Court asks Videocon lenders not to proceed with resolution process

The Supreme Court on Monday asked the lenders of Videocon group not to proceed with the resolution process even as it sought response from various parties on an appeal by Vedanta Group’s Twin Star Technologies, which has challenged the National Company Law Appellate Tribunal’s order that set aside the approvals given for the company’s takeover of distressed Videocon group.

Solicitor General Tushar Mehta, who represented the committee of creditors (CoC) led by the Bank of Maharashtra, agreed to a bench headed by Chief Justice NV Ramana’s suggestion that the CoC would not proceed with the process of inviting fresh bids till the next date of hearing in March.