Dhoot moves NCLAT against Twin Star bid

New Delhi, Aug. 1: Venugopal Dhoot, former promoter of Videocon Group, has moved the appellate tribunal, challenging an order of the insolvency court NCLT approving a Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies for 13 companies of the debt-ridden group.

Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT), has requested the apex tribunal to set aside the order passed by the Mumbai bench of the NCLT and to direct the lenders to consider a Rs 31,789 crore settlement plan submitted by him under section 12 of the Insolvency & Bankruptcy Code (IBC).

In the petition, he has questioned the role played by the resolution professional and said that he should have mentioned the foreign oil and gas assets of Videocon Group in the information memorandum (tender form) to all the bidders and hence no valuation was considered.

"All assets owned by Videocon Group, particularly oil and gas assets owned by Videocon Industries are not included in Information Memorandum and no valuation thereof has been considered,” he said, adding RP and lenders "were wrong to ignore order of NCLT to treat and include foreign oil and gas assets of Videocon as assets of Videocon Industries Ltd.”

Dhoot has requested NCLT's order approving Twin Star Technologies' resolution plan to be cancelled and fresh resolution plan to be considered with oil and consumer durable assets.

While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.