Business

Videocon’s creditors give nod to Vedanta’s resolution plan

The firms are into three enterprise verticals, particularly, oil and gasoline, telecommunications and shopper electronics and residential home equipment.

The committee of creditors (CoC) of Videocon has accepted the decision plan of Vedanta Group’s Twin Star Technologies. The Videocon Group was present process a consolidated company insolvency course of for 13 firms. The consolidated debt of the Videocon Group firms was at Rs 61,773 crore as on September 10, 2020.

“The CoC has approved the resolution plan submitted by Twin Star Technologies with 95.09% voting share under Section 30(4) of the Insolvency and Bankruptcy Code (IBC), 2016,” the corporate stated. Lenders have additionally filed the accepted decision plat at National Company Law Tribunal for its approval.

The 13 firms below the consolidated course of embrace Videocon Industries, Videocon Telecommunications, Electroworld Digital Solutions, Century Appliances, Evans Fraser and Co. (India), CE India, PE Electronics, Sky Appliances, amongst others. The firms are into three enterprise verticals, particularly, oil and gasoline, telecommunications and shopper electronics and residential home equipment.

The erstwhile chairman and managing director of Videocon Industries, Venugopal Dhoot, had earlier provided to settle the excellent loans and pull out 13 Videocon group companies from the insolvency proceedings. However, the lenders rejected his proposal and continued with the insolvency proceedings below IBC.

NCLT had initiated a company insolvency course of for Videocon group firms between June 6 and September 25, 2018. Later, the court docket ordered to membership insolvency proceedings of all 13 group firms.

SBI is the lead creditor to Videocon group with an admitted declare of Rs 11,151 crore, adopted by IDBI Bank which has a declare of Rs 9,920 crore. Similarly, Union Bank has admitted the declare of Rs 5,600 crore, Central Bank of India has a declare of Rs 5,207 crore.

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