Financial creditors have been able to realise 166 per cent in comparison to the liquidation value of the debtors, indicating that creditors have been better off than the next logical outcome, he added.
The Supreme Court said that it expects the Committee of Creditors to not proceed with fresh round of bids for Videocon as the court issued notice on the appeal.
The appellate tribunal while pronouncing its order said that the approval given to the Rs 2,900 crore plan by Twin Star, both by the lenders' panel as well as the adjudicating authority, was not in line with Section 31 of the Insolvency and Bankruptcy Code, as such it was set aside.
The apartment is located on the 11 and 12th floors of a project named 33 South, Peddar Road in South Mumbai. It is spread across an area of 3400 sq ft and comes with seven-car parking, the documents showed.
The authorised representative– Pradeep kumar Dhoot– was the insider who traded on behalf of the promoter the company, CE India Ltd, during the UPSI period.
The largest shareholders of Zee Entertainment Enterprises (ZEE) -- Invesco Developing Markets Fund and OFI Global China Fund LLC - have called an extraordinary general meeting seeking resignation of Managing Director Punit Goenka and two directors from the board. This isn’t the first time when the shareholders of a company have shown exit door to the promoters alleging wrong doings.
Videocon Oil Ventures Ltd (VOVL) earlier received expressions of interest from four companies including Vedanta and a Brazilian company Petrobras for its overseas assets, the report added.
The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation” and the details be shared with the Ministry of Corporate Affairs (MCA).
The NCLT has issued the order on a petition filed by the Ministry of Corporate Affairs (MCA) under Section 241& 242 of the Companies Act, 2013.
The entities -- Acuity Merchants Pvt Ltd, Coastal Fertilisers Ltd, Richhold Properties Pvt Ltd, Kaberi Goods Pvt Ltd, Invorex Vincom Pvt Ltd, Akansha Commodities Pvt Ltd and Godavari Commercial services Pvt Ltd -- have been slapped with a fine of Rs 1 lakh each, according to an order dated August 6.
The insolvency and bankruptcy code was designed to ensure a meaningful recovery for banks in a time-bound manner and give a graceful exit to promoters but some recent cases have exposed loopholes that allow former promoters to get back control of their businesses
The appellate tribunal has issued notices to the Committee of Creditors, the Resolution Professional of Videocon and the successful resolution applicant Twin Star. It has asked them to file the reply within two weeks and directed to list the matter on September 7 for the next hearing.
The NCLT observed that many of the operational creditors are also MSMEs and may have to face 'inevitable' insolvency proceedings in the near future
Lenders have taken an over 90 percent haircut
Videocon’s committee of creditors had approved Twin Star’s bid by a 95 percent majority in December 2020
Deepak Kochhar is the husband of former ICICI Bank chief executive Chanda Kochhar, and the founder-CEO of NuPower Renewables.
The Enforcement Directorate had arrested ICICI Bank CEO Chanda Kochhar's husband on September 7 in an ICICI Bank-Videocon money laundering case
The ICICI-Videocon case is unlikely to end with Deepak Kochhar’s arrest. Names of Chanda Kochhar and other ICICI Bank officials who played a key role in sanctioning loan to the Videocon Group could come up next.
On January 31, the ED lodged a case of money laundering against Chanda and Deepak Kochhar, Videocon CMD Venugopal Dhoot and others.
The DoT has pegged Airtel’s AGR dues at around Rs 35,586 crore, Videocon’s liabilities at 2,041 crore and Aircel’s dues at Rs 11,950 crore.
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Weighed down by heavy debt, the Videocon group with 13 operating companies, was sent to bankruptcy court last year and a resolution is pending.
Investigative agencies should not treat all decision to sanction loans which have gone bad as crimes. Fear psychosis among bankers will kill lending.
The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions.
Kochhar arrived before the Enforcement Directorate's office here in Khan Market shortly before her scheduled appearance time of 11 am, official sources said.