Videocon insolvency process: BoM raises issue of breach of confidentiality

Bank of Maharashtra, a dissatisfied creditor of Videocon Group, has on Friday raised the issue of the breach of confidentiality in the corporate insolvency resolution process of the debt-ridden group before the National Company Law Appellate Tribunal (NCLAT).

During the proceedings, counsel appearing for the Bank of Maharashtra wondered as to how the bid amount of the successful resolution applicant Twin Star Technologies was so close to the liquidation value.

“Here the kind of bid that has come is so close to the liquidation value clearly suggests that the confidentiality has not been maintained.