Business Desk: The bankruptcy court of NCLT on Tuesday allowed billionaire Anil Agarwal's company Twin Star to acquire Videocon Industries for Rs 3,000 crore. Vedanta Group company Twin Star will make an advance payment of around Rs 500 crore within 90 days and pay the rest in the form of non-convertible debentures within a period of time.
A two-member Mumbai bench of the National Company Law Tribunal (NCLT) approved the proposal plan of Twin Star Technologies. The bench included H P Chaturvedi and Ravikumar Duraisamy. Confirming the development, Anoop Rawat, partner at legal services firm Shardul Amarchand Mangaldas, told PTI: "The NCLT today approved the resolution plan filed by Twin Star Technologies." Videocon Industries' resolution professional was assisting in Rawat's case. The bench pronounced the verdict orally and the detailed copy of the judgment is yet to come.
Rawat said that this is a significant achievement in the field of bankruptcy and it sets a stellar example for quality cases. “It was one of the most complex cases and quite challenging considering the number of companies involved in this type of business. All the stakeholders involved in the process worked tirelessly to achieve a successful proposal,” he said.