Mumbai: Venugopal Dhoot has challenged National Company Law TribunalVedanta’s Twin Star Technologies resolution plan approved for videocon Group in Appellate Tribunal NCLAT.
In the appeal, they have claimed that Videocon’s overseas oil and gas assets held through foreign subsidiaries are an integral part of the group and the resolution professional and the committee of creditors cannot sell them separately.
The Twin Star proposal, though approved by the Committee of Creditors and NCLT, has been stayed on an appeal by Bank of Maharashtra.
Dhoot has claimed that the liquidation value of these properties is at least Rs 15,000 crore. The former chairman and promoter of the group said that if all the properties were sold together, at least Rs 25,000 crore would have been recovered. Lenders are taking separate action against Videocon for recovery of consumer electronics and energy business under VOVL.
Meanwhile, the lenders have decided to sell their credit exposure to VOVL to National Asset Reconstruction Company (NARC, Bad Bank). Dhoot claimed that he had proposed a one-time restructuring in which he offered to repay Rs 30,000 crore in return for his business.
However, the lenders had attempted recovery through NCLT and a settlement was not possible. In his petition, Dhoot alleged that the resolution professional has undermined the value of the company.
In the appeal, they have claimed that Videocon’s overseas oil and gas assets held through foreign subsidiaries are an integral part of the group and the resolution professional and the committee of creditors cannot sell them separately.
The Twin Star proposal, though approved by the Committee of Creditors and NCLT, has been stayed on an appeal by Bank of Maharashtra.
Dhoot has claimed that the liquidation value of these properties is at least Rs 15,000 crore. The former chairman and promoter of the group said that if all the properties were sold together, at least Rs 25,000 crore would have been recovered. Lenders are taking separate action against Videocon for recovery of consumer electronics and energy business under VOVL.
Meanwhile, the lenders have decided to sell their credit exposure to VOVL to National Asset Reconstruction Company (NARC, Bad Bank). Dhoot claimed that he had proposed a one-time restructuring in which he offered to repay Rs 30,000 crore in return for his business.
However, the lenders had attempted recovery through NCLT and a settlement was not possible. In his petition, Dhoot alleged that the resolution professional has undermined the value of the company.
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