The Department of Telecommunication (DoT) has moved the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) order approving the consolidated resolution plan for 13 companies of Videocon Group, including Videocon Telecommunications.
In June 2021, the Mumbai branch of NCLT approved the Rs 29.62 billion takeover bid by Twin Star Technologies. DoT, in its petition, has requested NCLAT to set aside the order passed by NCLT and has urged that defaulting telecom companies cannot be allowed to get out of their liability by the triggering of the corporate insolvency resolution process.
The NCLAT bench has said that the appellate tribunal had already stayed the NCLT order on July 19, 2021 by granting a “status quo ante” to be maintained. The bench also noted that the resolution professional will continue to manage the affairs of Videocon Industries as per provisions of the Insolvency & Bankruptcy Code.
NCLAT has directed to list DoT’s appeal for hearing on January 11, 2022.
The NCLAT has directed the respondents to file ‘Reply-affidavit’ within the next two weeks and rejoinder, if any, within a week thereafter. The respondents in the matter include Videocon Industries and Videocon Telecommunications.
