Videocon Insolvency: Wisdom of creditors can't fluctuate, Twinstar tells SC

Appearing for Twinstar, Senior Advocate Abhishek Manu Singhvi said their bid for Videocon Industries Limited was approved by the CoC during the insolvency process of the group

The Supreme Court on Wednesday heard the appeal of Vedanta group’s Twinstar Technologies against the order of the National Company Law Appellate Tribunal (NCLAT).

Appearing for Twinstar, Senior Advocate Abhishek Manu Singhvi said their bid for Videocon Industries Limited was approved by the Committee of Creditors (CoC) during the insolvency process of the group and it was later approved by the National Company Law Tribunal (NCLT). 

However, after the decision of NCLT, the CoC, particularly some dissenting lenders led by the Bank of Maharashtra, backtracked on its approval of the bid, he said. Also, the NCLAT then ruled in favour