NCLT clears Videocon sale to Vedanta group firm Twinstar Technologies

Twinstar had offered to pay Rs 2,962 crore to the lenders of Videocon Industries which was saddled with debt of Rs 46,000 crore

The National Company Law Tribunal’s (NCLT’s) Mumbai Bench has approved the acquisition of bankrupt Videocon Industries by billionaire Anil Agarwal’s Twin Star Technologies, with the lenders set to take a haircut of about 90 per cent.

Videocon Industries, saddled with a massive debt of Rs 35,000 crore, was sent for debt resolution in December 2017 after it failed to repay bank loans. In November 2019, the NCLT ordered the consolidation of the insolvency resolution process of Videocon and 12 other group companies. Tuesday's debt resolution is the first one where a group-level debt has been resolved in a single process, said