Anil Agarwal-led Vedanta Group's subsidiary Twinstar Technologies has urged the Supreme Court to dismiss an appeal filed by former Videocon Industries Chairman Venugopal Dhoot against Twinstar's bankruptcy court approved bid to acquire the company and its 12 group companies, The Economic Times reported.
Lenders and National Company Law Tribunal (NCLT) had approved Twinstar's bid to acquire Videocon and its group companies for Rs 2,962 crore under the Insolvency and Bankruptcy Code (IBC). Dhoot, however, challenged the bid in the Supreme Court and sought a direction to banks to accept his Rs 31,789 crore resolution plan.
Meanwhile, Twinstar has claimed that Dhoot has been a “fencesitter who has waited till the eleventh hour" to make a bid, and has always tried to "disrupt and derail" the insolvency proceedings through "vexatious and frivolous" legal proceedings, The ET report said.
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According to Twin Star, Dhoot never challenged the decision of Videocon lenders to reject his proposal under IBC Section 12A, which allows withdrawal of insolvency proceedings.
He reportedly even called for a fresh information memorandum and expression of interest by including certain foreign oil and gas assets, and in the alternative, prayed for a direction to the lenders to reconsider and approve his proposal, it added.
In his petition, Dhoot argued that his resolution plan entailed a "zero haircut" to lenders and the approved resolution plan of Twinstar compromised the interest of corporate debtors, ET reported.
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