Videocon decision: DoT strikes NCLAT

The Department of Telecommunications (DoT) has moved the insolvency appellate tribunal NCLAT towards the NCLT order approving the consolidated decision plan for 13 corporations of Videocon Group, together with Videocon Telecommunications.
The DoT, in its petition, has requested the appellate tribunal to put aside the order handed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 8, 2021 permitting the Rs 2,962-crore takeover bid by Anil Agarwal’s Twin Star Technologies.
Videocon Telecommunications, to be able to stick with it enterprise and as per the License Agreement for Unified License (Access Services) had secured the dues with as many as 131 Bank Guarantees from SBI in favour of DoT to the tune for Rs 881.92 crore.

The mentioned financial institution ensures, nonetheless, have “illegally” not been allowed to be invoked as a consequence of pending proceedings earlier than the NCLT, DoT submitted earlier than the National Company Law Appellate Tribunal (NCLAT) via its counsel.  WITH PTI