Videocon lenders approve Anil Agarwal-promoted Twin Star Technologies bid

The lenders of Videocon Industries have approved the bid by Twin Star Technologies, promoted by billionaire Anil Agarwal’s family, under the insolvency resolution process of the debt-ridden firm.

The resolution plan has now been filed before the National Company Law Tribunal, Mumbai for approval, said a regulatory filing by Videocon Industries.

The Committee of the Creditors (CoC) of Videocon Industries has voted in favour of the resolution plan of Twin Star Technologies, for 13 group companies with 95 per cent votes, it added.

In the e-voting conducted pursuant to the 19th meeting of the CoC held on November 11, 2020, for which voting process concluded on December 11, 2020… the CoC has approved the resolution plan submitted by Twin Star Technologies by passing the requisite resolution with 95.09 per cent majority/voting share, it said.