Dhoot moves NCLAT against Vedanta’s Videocon plan

MUMBAI: Venugopal Dhoot has challenged the National Company Law Tribunal’s approval for the resolution plan of Vedanta’s Twin Star Technologies for Videocon Group in the appellate tribunal NCLAT.

In the appeal, he has claimed that Videocon’s foreign oil and gas assets held through foreign subsidiaries are an integral part of the group and the resolution professional and committee of creditors cannot sell them separately.

The Twin Star proposal, although approved by the committee of creditors and the NCLT, has been stayed on an appeal from Bank of Maharashtra.

Dhoot has claimed that the liquidation value of these assets is at least Rs 15,000 crore. The former chairman and promoter of the group said that if all assets were sold together, the realisation would have been at least Rs 25,000 crore. Lenders are proceeding separately against Videocon for the recovery of consumer electronics and energy business under VOVL.