July 28, 2021

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Videocon IBC NCLT approves Anil Agarwal-led Twin Star Tech’s plan; VIL and VAIL to be delisted

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A two-judge panel of the Court (NCLT) has approved the use of a dispute resolution plan, for up to 13 Videocon Group of companies, and to pave the way for their acquisition by the Anil Agarwal-led Twin Star Technologies, Ltd., with more than 95 percent of hair style for function.

13 Videocon Group of companies, are Videocon Industries, Videocon Telecom, Electroworld, Digital Solutions and Value to Industries, Evans, Fraser, & Co., of CE in India, the Millennium Appliances India, SKY, Devices, PE, Electronica, Techno, Electronics, Applicomp India, Techno, Maps of India, and the age of household Appliances .

Out of the total number of creditors in the sum of Rs 71,433. 75 crore, NCLT is included in the action for a sum of Rs 64,838. 63 crore. The settlement is approved, the plan provides for a payment of only Rs 2,962. 02 crore, which is 4.15% of the aggregate outstanding amount of the assets, and the overall reduction in the amount of the creditors, it is 95.85%. This amount is just beyond the winding up of the company’s value.

According to the company’s report, the fair value of the group of companies of Rs 4,069. 95 crore, and the recovery of RS 2,568. 13 crore.

The resolution plan shall, to the approval of the finance secured creditors Rs 2,779. 05 crore against their claims recognized by the Rs 56,215. 66 crore, resulting in a ?????????? for a fee, at the rate of 4.89 per cent. Protected with non-conformity of the financial creditors have approved the claims of Rs 2,306. 63 crore, it is proposed to pay Rs 105.23 crore, which means a repayment of 4.56 percent.

Of this amount, only about 200 crore mountains, 2700 crore in the form of a nod and a WINK (at an interest rate of 6.65%), available balances, and 8 per cent of shares to be paid to the creditors as a whole.

With the approval of unsecured financial creditors will be required to pay Rs 15.72 crore against their claims recognized by the RS 2,523. 63 crore (0.62 per cent. for a charge), and a non-conforming use of unsecured financial creditors have a claim to pay, not on their approved claims in the sum of Rs 727.09 crore.

These lenders offer to pay Rs 62.02 crore against their claims recognized by the Rs 3003.3 crore (0.72 per cent rate of return). Another contribution of Rs 165.32 crore and will not be refunded under the Twin Star Technologies, a settlement plan.

In the settlement, the plan was to pull out of the stock of the PIC (Videocon Industries Limited), and VAIL (Value Industries Limited) by the BSE and the NSE. It also includes the fusion of the 11 corporate accounts receivable (Applicomp, CE, India, and a Century of Devices, Electroworld, Digital Solutions, Evans, Fraser, & Co., Millennium,, Devices,, PE, Electronics, AIR, Appliances, Techno, Electronic, Techno, and Cards, with a Value of manufacturing Industries, with the exception of the Videocon Telecom Limited) is in the PIC.

In addition, the plan provides for a trust, settlement of the total amount of Rs 1,000 will benefit investors, the funds in the trust, the investment of the PIC, and the VIBRATOR is in its subsidiaries, Associates and joint ventures. After the reduction of share capital and the issue of new shares are suitable for supporting the organizations, and the general trident, it will be 100% of the share capital of the vibrator.

With the approval of the settlement, the plan submitted by the Twin Star Technologies, NCLT observed that, as the applicant of the decision to pay is close to the liquidation value of the purchase from the company, and stated that the code of conduct and, to the Successful Candidate, the Decision of the payments to the creditors, in particular, is her.

“The Successful Applicant will pay next to nothing, and 99.28 percent of hairstyles available for the creditors’ Hair Cut or the Tonsure, the Full Reasons. During the interview, it became clear that a significant number of the Creditor, the Systems are MSMEs, and if they are paid is just 0.72% of the total amount of the approved claim, then it may be in the near future, a lot of this Creditor’s system in order to see the face of the proceedings, which will be inevitable, ” the court decision said.

The court appointed an independent steering committee”, “number” monitoring of the implementation of the settlement plan similar to what it did to DHFL.”

for the last time.

The NCLT order): “The author of the Resolution, it should work in consultation with the committee established in accordance with the Plan of Resolution, and the Applicant, and the Financial Creditors of the Lead Bank of the members of the Committee. They will monitor the implementation of the Decision of the Plan, in accordance with the discipline of the I&B Code. In addition to the above, this Court is of the opinion that, as a viewer and as a Hard person to be appointed to the Steering committee in order to ensure the proper functioning and making the transition to the Success of the Resolution adopted by the Applicant and / or the, you, R. K., Agarwal, a former Permanent Member of SEBI, an expert in capital markets and financial assets, to be appointed by such Court or tribunal.”

SBI, IDBI Bank, Union Bank of India, Central Bank of India, Bank of Baroda, ICICI Bank, PNB, Indian Bank, EXIM Bank, Bank of India, Canara Bank, IOB, are some of the the principal creditors of the group, and Videocon.

 

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