The National Company Law Appellate Tribunal (NCLAT) has stayed Vedanta Group<\/a>'s winning bid for debt laden Videocon Industries<\/a> after an appeal by dissenting creditors who were unhappy with the value realised through the resolution. 两个法官的长椅上由NCLAT主席主持Ashok Iqbal辛格Cheema一直决议的实施计划和日期延期至9月7日到这公司将继续由决议管理专业。 国家公司法上诉法庭(NCLAT)已经止住了韦丹塔资源集团赢得竞购债务拉登Videocon行业上诉后不同债权人是不满意的价值意识到通过决议。
A two judge bench headed by officiating NCLAT chairman Ashok Iqbal Singh Cheema has stayed the implementation of the resolution plan and adjourned the matter to September 7 till which date the company will be continued to be managed by the resolution professional.
Bank of Maharashtra and IFCI had filed a plea opposing the existing plan arguing that the value ascribed to the company was very close to the liquidation value and even a part of the payment to dissenting creditors was through non convertible debentures (NCDs) which is in contrast to the Supreme Court<\/a> order in the Jaypee Infratech case which had set a precedent by directing that dissenting creditors should only be paid by cash.
\"This stay now means that the deal could be stuck for months as it will be caught up in the legal whirlwind of replies and counter replies. This NCLAT order is a result of the unease on the large haircut that the creditors had agreed to though it is fact that the best offer was chosen from what was available,\" said a person involved in the process.
In December over 94% of the creditors by value voted for Vendanta<\/a> arm Twin Star Technologies<\/a> as the preferred bidder. Vedanta<\/a>'s offer of a little over Rs 3,000 crore was a haircut of more than 95% on admitted claims of Rs 61,770 crore. NCLT had approved the plan in June but had commented that Vedanta<\/a> had paid \"almost nothing\" to take over the company, noting the huge haircut the lenders had taken.
Vedanta's offer includes NCDs of Rs 2700 cr and cash unfront of Rs 551 crore. It also includes some equity to financial creditors in the company.
Videocon has 54 financial creditors with about 33 of them in the committee of creditors. State Bank of India<\/a> with 19.15% vote is the largest financial creditor, followed by IDBI (16.63%) and Central Bank of India<\/a> (8.69%). All these large financial creditors have voted for Twin Star.
\"We can only vote for offers in front of us. We decided on the bid based on the information available. We cannot help it in case the court has taken a different view,\" said a banker involved in the process.
Vedanta had also sweetened its offer by giving a corporate guarantee indicating its seriousness in completing the plan.
The assets include Ravva Oil and Gas Fields in the Krishna Godavari Basin in which Vedanta can now become the single largest shareholder by consolidating its holding and taking over Videocon's 25%. Vendanta arm Cairn<\/a> already owns 22.5% in the field, while state-owned ONGC has 40%.
\"The fear now is that this resolution which was one of the few sucesses in a Covid year will be delayed beyond repair. One hopes that Vedanta is patient to complete this plan because if this offer is not completed getting a new one looks very difficult and banks stand to lose whatever little they have got,\" said the first person cited above.
Videocon's 15 companies were taken to the National Company Law Tribunal (NCLT) one by one between June and September 2018. In August 2019, SBI took lead and petitioned the NCLT, which gave permission to consolidate 13 companies. Vedanta's plan is for these 13 companies. Two other companies, its kitchen appliances division, KIAL Ltd and Trend Electornics are undergoing separate bankruptcy processes.
<\/p><\/body>","next_sibling":[{"msid":84572241,"title":"Hold NSO accountable, says WhatsApp chief","entity_type":"ARTICLE","link":"\/news\/hold-nso-accountable-says-whatsapp-chief\/84572241","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"84552181","title":"Vedanta---AGENCIES","entity_type":"IMAGES","seopath":"news\/india\/nclat-stays-vedantas-take-over-of-videocon\/vedanta-agencies","category_name":"NCLAT stays Vedanta's take over of Videocon","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-112229\/84552181.cms?width=150&height=112","link":"\/image\/india\/nclat-stays-vedantas-take-over-of-videocon\/vedanta-agencies\/84552181"}],"msid":84572316,"entity_type":"ARTICLE","title":"NCLAT stays Vedanta's take over of Videocon","synopsis":"A two judge bench headed by officiating NCLAT chairman Ashok Iqbal Singh Cheema has stayed the implementation of the resolution plan and adjourned the matter to September 7 till which date the company will be continued to be managed by the resolution professional.","titleseo":"telecomnews\/nclat-stays-vedantas-take-over-of-videocon","status":"ACTIVE","authors":[{"author_name":"Joel Rebello","author_link":"\/author\/479242808\/joel-rebello","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242808.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":479242808,"author_name":"Joel Rebello","author_seo_name":"joel-rebello","designation":"Assistant Editor","agency":false}}],"analytics":{"comments":0,"views":116,"shares":0,"engagementtimems":580000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2021-07-20 07:52:47","lastupd":"2021-07-20 07:53:15","breadcrumbTags":["Videocon Industries","Central Bank of India","Supreme Court","Vedanta group","vendanta arm cairn","state bank of india","vedanta","Industry","Vendanta","Twin Star Technologies"],"secinfo":{"seolocation":"telecomnews\/nclat-stays-vedantas-take-over-of-videocon"}}" data-authors="[" joel rebello"]" data-category-name="" data-category_id="" data-date="2021-07-20" data-index="article_1">
NCLAT保持吠檀多的Videocon接管
两个法官的长椅上由NCLAT主席主持Ashok Iqbal辛格Cheema一直决议的实施计划和日期延期至9月7日到这公司将继续由决议管理专业。
马哈拉施特拉邦和IFCI提起请求银行反对现有计划认为价值归因于该公司非常接近的清算价值甚至部分不同债权人的付款是通过非可转换债券(非传染性疾病),这是相反的最高法院秩序Jaypee Infratech案例已设置一个先例,指导不同债权人只能由现金支付。
12月超过94%的投票给债权人的价值Vendanta手臂双恒星技术的优先竞标者。吠檀多的报价略高于3000卢比的发型超过95%承认的61770卢比。NCLT已经批准该计划,但6月评论说吠檀多支付了“几乎没有”接管公司,注意的是巨大的发型银行了。
吠檀多的报价包括非传染性疾病的Rs 2700 cr和现金unfront 551卢比。它还包括一些金融债权人在公司股权。
Videocon 54金融债权人委员会的其中约33债权人。印度国家银行以19.15%的选票是最大的金融债权,其次是IDBI(16.63%)和印度中央银行(8.69%)。所有这些大型金融债权人投票给两星。
“我们只能投在我们面前。我们决定报价根据可获得的信息。我们不能帮助它,以防法院采取了不同的观点,”一个银行家说参与这个过程。
韦丹塔也甜提供给企业保证指示其严重性完成这个计划。
资产包括Ravva油气田的哈瑞奎师那哥达瓦理河流域韦丹塔现在可以成为巩固其持有的单一最大股东,接管Videocon的25%。Vendanta手臂凯恩已持有该公司22.5%的股权,而国有印度石油天然气公司40%。
“现在的担心是,这个决议是为数不多的成功Covid一年将延迟无法修复。韦丹塔的一个希望是病人来完成这个计划,因为如果不完成这个提议得到一个新的看起来很困难,银行会失去任何小了,“说上述引用的第一人。
Videocon的15家公司被送往国家公司法法庭(NCLT) 2018年6月和9月之间的一个接一个。2019年8月,印度国家银行领导和请求NCLT,使巩固13家公司的许可。吠檀多的计划是13家公司。另外两家公司,其厨房电器部门KIAL有限公司和趋势Electornics正处于单独的破产进程。
读到
The National Company Law Appellate Tribunal (NCLAT) has stayed Vedanta Group<\/a>'s winning bid for debt laden Videocon Industries<\/a> after an appeal by dissenting creditors who were unhappy with the value realised through the resolution.
A two judge bench headed by officiating NCLAT chairman Ashok Iqbal Singh Cheema has stayed the implementation of the resolution plan and adjourned the matter to September 7 till which date the company will be continued to be managed by the resolution professional.
Bank of Maharashtra and IFCI had filed a plea opposing the existing plan arguing that the value ascribed to the company was very close to the liquidation value and even a part of the payment to dissenting creditors was through non convertible debentures (NCDs) which is in contrast to the Supreme Court<\/a> order in the Jaypee Infratech case which had set a precedent by directing that dissenting creditors should only be paid by cash.
\"This stay now means that the deal could be stuck for months as it will be caught up in the legal whirlwind of replies and counter replies. This NCLAT order is a result of the unease on the large haircut that the creditors had agreed to though it is fact that the best offer was chosen from what was available,\" said a person involved in the process.
In December over 94% of the creditors by value voted for Vendanta<\/a> arm Twin Star Technologies<\/a> as the preferred bidder. Vedanta<\/a>'s offer of a little over Rs 3,000 crore was a haircut of more than 95% on admitted claims of Rs 61,770 crore. NCLT had approved the plan in June but had commented that Vedanta<\/a> had paid \"almost nothing\" to take over the company, noting the huge haircut the lenders had taken.
Vedanta's offer includes NCDs of Rs 2700 cr and cash unfront of Rs 551 crore. It also includes some equity to financial creditors in the company.
Videocon has 54 financial creditors with about 33 of them in the committee of creditors. State Bank of India<\/a> with 19.15% vote is the largest financial creditor, followed by IDBI (16.63%) and Central Bank of India<\/a> (8.69%). All these large financial creditors have voted for Twin Star.
\"We can only vote for offers in front of us. We decided on the bid based on the information available. We cannot help it in case the court has taken a different view,\" said a banker involved in the process.
Vedanta had also sweetened its offer by giving a corporate guarantee indicating its seriousness in completing the plan.
The assets include Ravva Oil and Gas Fields in the Krishna Godavari Basin in which Vedanta can now become the single largest shareholder by consolidating its holding and taking over Videocon's 25%. Vendanta arm Cairn<\/a> already owns 22.5% in the field, while state-owned ONGC has 40%.
\"The fear now is that this resolution which was one of the few sucesses in a Covid year will be delayed beyond repair. One hopes that Vedanta is patient to complete this plan because if this offer is not completed getting a new one looks very difficult and banks stand to lose whatever little they have got,\" said the first person cited above.
Videocon's 15 companies were taken to the National Company Law Tribunal (NCLT) one by one between June and September 2018. In August 2019, SBI took lead and petitioned the NCLT, which gave permission to consolidate 13 companies. Vedanta's plan is for these 13 companies. Two other companies, its kitchen appliances division, KIAL Ltd and Trend Electornics are undergoing separate bankruptcy processes.
<\/p><\/body>","next_sibling":[{"msid":84572241,"title":"Hold NSO accountable, says WhatsApp chief","entity_type":"ARTICLE","link":"\/news\/hold-nso-accountable-says-whatsapp-chief\/84572241","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"84552181","title":"Vedanta---AGENCIES","entity_type":"IMAGES","seopath":"news\/india\/nclat-stays-vedantas-take-over-of-videocon\/vedanta-agencies","category_name":"NCLAT stays Vedanta's take over of Videocon","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-112229\/84552181.cms?width=150&height=112","link":"\/image\/india\/nclat-stays-vedantas-take-over-of-videocon\/vedanta-agencies\/84552181"}],"msid":84572316,"entity_type":"ARTICLE","title":"NCLAT stays Vedanta's take over of Videocon","synopsis":"A two judge bench headed by officiating NCLAT chairman Ashok Iqbal Singh Cheema has stayed the implementation of the resolution plan and adjourned the matter to September 7 till which date the company will be continued to be managed by the resolution professional.","titleseo":"telecomnews\/nclat-stays-vedantas-take-over-of-videocon","status":"ACTIVE","authors":[{"author_name":"Joel Rebello","author_link":"\/author\/479242808\/joel-rebello","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242808.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":479242808,"author_name":"Joel Rebello","author_seo_name":"joel-rebello","designation":"Assistant Editor","agency":false}}],"analytics":{"comments":0,"views":116,"shares":0,"engagementtimems":580000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2021-07-20 07:52:47","lastupd":"2021-07-20 07:53:15","breadcrumbTags":["Videocon Industries","Central Bank of India","Supreme Court","Vedanta group","vendanta arm cairn","state bank of india","vedanta","Industry","Vendanta","Twin Star Technologies"],"secinfo":{"seolocation":"telecomnews\/nclat-stays-vedantas-take-over-of-videocon"}}" data-news_link="//www.iser-br.com/news/nclat-stays-vedantas-take-over-of-videocon/84572316">
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动