The National Company Law Appellate Tribunal (NCLAT) has admitted the petition filed by former Videocon group chairman and managing director, Venugopal Dhoot, challenging the earlier order of the insolvency court, National Company Law Tribunal (NCLT), approving Rs 2,962-crore takeover bid for his 13 group companies by Vedanta Chairman Anil Agarwal’s Twin Star Technologies. 

The appellate tribunal has issued notices to the Resolution Professional, lenders and Twin Star Technologies, directing them to file a reply by September 17. 

“We have considered the submissions of various parties. We admit the appeal, and the respondents are directed to file their reply by September 15, 2021 and thereafter, the rejoinder, if any, be filed by September 17, 2021,” said the NCLAT. 

“Let the matter be listed for hearing on September 20, 2021,” added a two-member bench, comprising Justices J K Jain and A K Mishra. 

Earlier on June 9, the Mumbai bench of the NCLT had approved the Rs 2,962-crore takeover bid by Twin Star Technologies of the 13 companies of the debt-ridden Videocon Group. 

However, the NCLT order was stayed by the appellate tribunal on July 19 over the petitions filed by the two dissatisfied creditors of the Videocon Group – Bank of Maharashtra and IFCI – and had directed to maintain “status quo ante”. 

Earlier this week, on September 7, the NCLAT had extended the stay till September 20, the next date of hearing in the issue. 

Mr Dhoot, in his plea filed before the NCLAT, has requested to set aside the order passed by the Mumbai bench of the NCLT and direct the lenders to consider Rs 31,789-crore settlement plan submitted by him under Section 12 of the Insolvency and Bankruptcy Code (IBC). 

In the petition, Mr Dhoot has questioned the role played by the Resolution Professional and said that he should have mentioned the foreign oil and gas assets of the Videocon Group in the Information Memorandum (Tender Form) to all the bidders and hence no valuation was considered. 

He has also requested the NCLT’s order, approving Twin Star Technologies’ resolution plan, to be cancelled and a fresh resolution plan to be considered with oil and consumer durable assets.