The National Company Law Appellate Tribunal (NCLAT) has set aside Anil Agarwal-backed Twin Star Technologies' resolution for Videocon Group.
In its order, the NCLAT stated that the plan was not in accordance and did not fulfill the requirements of the insolvency and bankruptcy code.
However, post this order, it is not clear as to whether the IBC process will once again begin for the debt-laden company.
Creditors to Videocon and the National Company Law Tribunal (NCLT) had approved a Rs 2,900 crore resolution plan by Twin Star.
While dissenting creditors had appealed against the resolution plan stating that the resolution amount was close to the liquidation value, Venugopal Dhoot, the former promoter of the Videocon group had contested saying there should be a fresh round of bids.
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(Published 05 January 2022, 10:58 IST)
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