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On Wednesday, the ATC counsel argued at the Mumbai bench of the National Company Law Tribunal (NCLT<\/a>) that it does not warrant that the companies are treated as a single entity just because all the 14 companies of Videocon group are obligor and co-obligor in the loans and the promoters are the same.
“All the companies are in different businesses and they have different resolution professionals (RP) as well as the different committee of creditors (CoC),” argued advocate Ankit Lohia, appearing for the ATC in the case. “We are not concerned with the other companies and we have never dealt with other group companies, hence the consolidation of all the companies will have a serious bearing on our status as the operational creditor of Videocon Telecommunications.”
Countering this, the counsel for the State Bank of India (SBI), a lead banker in the consortium for the Videocon Group, argued that all the companies are interlinked and hence they are seeking consolidation for common RP and CIRP, but they are not merging these companies.
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“When we had called for Expression of Interest (EOI), we didn’t get enough bidders. But, if we combine those companies as a bouquet and issue fresh round of EoI, then we may get serious bidders as these companies are interdependent on each other and it is difficult to sell them on standalone bases,” added the counsel for the SBI.
However, countering this, ATC counsel argued that the functioning of the companies in the group was not inter-related in any manner. “How can you merge telecom, a service provider, with a refrigerator manufacturing firm, just because they have same promoters?”
After hearing arguments, presiding officer, MK Shrawat asked ATC to file its submissions by Monday and adjourned the matter till July 15.
ATC had claimed Rs 675 crore. However, the resolution professional (RP) of Videocon Telecommunications had admitted to only about Rs 450 crore. The company’s various operational creditors had claimed around Rs 1,266 crore out of which around ?617 crore were admitted by the RP. Videocon Telecommunications’ total dues are around Rs 24,000 crore.
Last year in June, NCLT admitted the insolvency resolution plea filed by SBI against Videocon Telecommunications for the default of Rs 234 crore and appointed Anuj Jain, partner of KPMG, as RP.
Venugopal Dhoot-promoted Videocon Industries owes over Rs 59,000 crore to its financial and operational creditors.
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周三,孟买板凳的ATC顾问认为国家公司法法庭(NCLT),它不保证公司被视为一个单一的实体仅仅因为所有14 Videocon集团公司债务人和co-obligor贷款和推动者是相同的。
“所有的公司都在不同的企业和他们有不同的分辨率专业人士(RP)以及不同债权人委员会(CoC),“认为提倡Ankit Lohia, ATC中出现。“我们不关心其他公司和我们从未处理其他集团公司,因此,整合所有的公司会有一个严重的影响我们的作为Videocon电信运营债权人的身份。”
打击,印度国家银行的顾问(SBI),该银行财团Videocon集团认为,所有的公司都是相互关联的,因此为常见的RP和CIRP寻求整合,但它们不是合并这些公司。
“当我们呼吁表达感兴趣的意向书,我们没有得到足够的竞标者。但是,如果我们把这些公司像一束和新一轮的过分投入问题,那么我们可能会严重的投标人,这些公司彼此是相互依存的,很难出售他们在独立的基础上,”印度国家银行的律师补充说。
然而,对抗,ATC律师认为,公司的运作组中没有以任何方式相互关联的。“你怎么能合并电信服务提供者,冰箱制造企业,仅仅因为他们有相同的推动者吗?”
听到参数后,主审官,可Shrawat要求ATC文件提交到周一和延期到7月15日。
ATC声称675卢比。然而,这项决议Videocon电信专业(RP)已经承认只有大约450卢比。公司的各种操作债权人声称大约1266卢比的? 617卢比的RP录取了。Videocon电信费总额大约24000卢比。
去年6月,NCLT承认印度国家银行破产分辨率请求对Videocon电信234卢比的违约和任命阿耆那教徒,毕马威的合作伙伴,如RP。
Venugopal Dhoot-promoted Videocon行业超过59000卢比归功于其财务和运营的债权人。
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