Vedanta arm gets nod for Videocon takeover
The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday approved the takeover of debt-ridden Videocon Industries Ltd by Vedanta group company Twin Star Technologies in India’s first group insolvency resolution, according to sources aware of developments.
The resolution plan approved by the consolidated committee of creditors (CoC) of 13 Videocon group companies included in the bankruptcy proceedings will result in a recovery of around Rs 3,000 crore against claims of around Rs 62,000 crore by lenders, of which about half were in the form of a guarantee for the debt of Videocon Oil Ventures Ltd which is set to undergo separate insolvency proceedings.
