The recent order of the National Company Law Appellate Tribunal (NCLAT) to stay the operation of the tribunal’s ruling in Videocon Industries Ltd<\/a> (VIL<\/a>) insolvency resolution process may turn the clock back for the revival of not only the Venugopal Dhoot promoted company but future group insolvency cases as well, legal experts said. NCLAT暂时呆在7月17日,国家公司法的孟买的长椅上法庭的命令,允许双恒星技术购买Videocon破产和破产法在6月8日。双恒星属于Volcan投资,Anil Agarwal韦丹塔资源集团旗下的公司。 最近的国家公司法上诉法庭(NCLAT)保持操作的法庭的裁决Videocon工业有限公司(垂直注入逻辑)破产解决过程可能回到过去的复兴不仅Venugopal Dhoot提升公司但未来集团破产情况下,法律专家说。
On July 17, the NCLAT temporarily stayed the Mumbai bench of the National Company Law Tribunal's order that allowed Twin Star Technologies to buy Videocon<\/a> under the Insolvency & Bankruptcy Code on June 8. Twin Star is owned by Volcan Investments<\/a>, a company owned by Anil Agarwal of Vedanta Group.
The appellate tribunal stayed the NCLT’s order while hearing petitions filed by two dissenting financial creditors Bank of Maharashtra and IFCI.
“Right from the Essar Steel Judgment, the Supreme Court has clarified that the commercial wisdom of the CoC will prevail. In my view, it is now the duty of the assenting financial creditors to approach the Supreme Court to nip this in the bud before challenges by dissenting financial creditors become common,” said Senior Advocate Gopal Jain.
“When the resolution plan is approved with an overwhelming majority and is approved by adjudicating authority, it should be given effect to in a time-bound manner especially since it is not a recovery mechanism like DRT and the emphasis is on the revival of the company and saving jobs and assets,” adds Jain.
The consortium of 35 financial lenders approved Twin Star Technologies’ resolution plan with over 95% voting. While dissenting financial creditors have about a 3% voting share in the Committee of Creditors (CoC).
According to Vijayendra Pratap Singh<\/a>, a senior partner and head of the litigation practice at law firm AZB & Partners, uncertainty is anathema to a time-bound resolution process. Group based insolvencies are difficult to resolve.
“Therefore, if courts too frequently interfere with a view to obtaining a still higher price, it may prove a self-defeating exercise for bidders, who may lose faith in the actual resolution taking place,” said Singh. “They may not bother to engage given the uncertainty that the resolution will go through, especially in covid times where economic fundamentals are stressed, and bids are time-sensitive.”
In 2019, the tribunal allowed the consolidation of 11 Videocon Group<\/a> companies with Videocon Industries<\/a> to attract more bids.
“IBC is very different than the DRT since the focus is more on resolution or revival of the company rather than just recovery of the debt, but the appellate tribunal, while staying the NCLT order, is asking the right questions,” said Poornima Hatti, partner at law firm Samvad Partners. “When the admitted debt is about Rs 61000 crore, and if the assenting financial creditors are getting mere 2% and a large part of MSME is not getting anything, then this is the time when we need to look at the whole process in a very holistic manner to see if this can be more viable for all.”
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NCLAT留在Videocon决议计划把时钟拨回,说法律专家
NCLAT暂时呆在7月17日,国家公司法的孟买的长椅上法庭的命令,允许双恒星技术来购买Videocon在破产和破产法在6月8日。双恒星归就投资阿尼尔•阿加瓦尔旗下公司,韦丹塔资源集团。
“从Essar钢铁判断,最高法院澄清的商业智慧CoC会获胜。在我看来,现在的责任金融债权人让步的方法最高法院这扼杀在摇篮里挑战之前,反对金融债权人变得普遍,“高级提倡Gopal Jain说。
“当与绝大多数决议计划被批准,批准通过审判权威,它应该给有时限的方式效果尤其是它不是一个恢复机制DRT和重点是公司的复兴和保存工作和资产,”Jain补充道。
35财团的金融银行批准了两星技术与超过95%的投票决议计划。虽然反对金融债权人对债权人委员会3%的投票权(CoC)。
根据辛格Vijayendra普拉塔普高级合伙人及律师事务所诉讼实践AZB & Partners的不确定性是有时限的诅咒决议过程。组织破产是很难解决的。
“因此,如果法庭过于频繁地干预,以获得更高的价格,这可能证明投标人弄巧成拙的运动,他们可能失去信心在实际发生的决议,”辛格说。“他们可能不会费心去参与这项决议将经历的不确定性,特别是在covid次强调经济基本面,和投标时间敏感。”
2019年,法庭允许11的整合Videocon集团的公司Videocon行业为了吸引更多的投标。
“IBC非常不同于更关注以来DRT决议或公司的复兴而不是恢复的债务,但上诉法庭,同时保持NCLT秩序,提出正确的问题,”说(Poornima哈提,律师事务所合伙人Samvad伙伴。“当承认债务约为61000卢比,如果金融债权人同意的2% MSME和一个大的部分是没有得到任何东西,这是我们需要的时候看整个过程非常全面的方式,看看这可以更可行的。”
The recent order of the National Company Law Appellate Tribunal (NCLAT) to stay the operation of the tribunal’s ruling in Videocon Industries Ltd<\/a> (VIL<\/a>) insolvency resolution process may turn the clock back for the revival of not only the Venugopal Dhoot promoted company but future group insolvency cases as well, legal experts said.
On July 17, the NCLAT temporarily stayed the Mumbai bench of the National Company Law Tribunal's order that allowed Twin Star Technologies to buy Videocon<\/a> under the Insolvency & Bankruptcy Code on June 8. Twin Star is owned by Volcan Investments<\/a>, a company owned by Anil Agarwal of Vedanta Group.
The appellate tribunal stayed the NCLT’s order while hearing petitions filed by two dissenting financial creditors Bank of Maharashtra and IFCI.
“Right from the Essar Steel Judgment, the Supreme Court has clarified that the commercial wisdom of the CoC will prevail. In my view, it is now the duty of the assenting financial creditors to approach the Supreme Court to nip this in the bud before challenges by dissenting financial creditors become common,” said Senior Advocate Gopal Jain.
“When the resolution plan is approved with an overwhelming majority and is approved by adjudicating authority, it should be given effect to in a time-bound manner especially since it is not a recovery mechanism like DRT and the emphasis is on the revival of the company and saving jobs and assets,” adds Jain.
The consortium of 35 financial lenders approved Twin Star Technologies’ resolution plan with over 95% voting. While dissenting financial creditors have about a 3% voting share in the Committee of Creditors (CoC).
According to Vijayendra Pratap Singh<\/a>, a senior partner and head of the litigation practice at law firm AZB & Partners, uncertainty is anathema to a time-bound resolution process. Group based insolvencies are difficult to resolve.
“Therefore, if courts too frequently interfere with a view to obtaining a still higher price, it may prove a self-defeating exercise for bidders, who may lose faith in the actual resolution taking place,” said Singh. “They may not bother to engage given the uncertainty that the resolution will go through, especially in covid times where economic fundamentals are stressed, and bids are time-sensitive.”
In 2019, the tribunal allowed the consolidation of 11 Videocon Group<\/a> companies with Videocon Industries<\/a> to attract more bids.
“IBC is very different than the DRT since the focus is more on resolution or revival of the company rather than just recovery of the debt, but the appellate tribunal, while staying the NCLT order, is asking the right questions,” said Poornima Hatti, partner at law firm Samvad Partners. “When the admitted debt is about Rs 61000 crore, and if the assenting financial creditors are getting mere 2% and a large part of MSME is not getting anything, then this is the time when we need to look at the whole process in a very holistic manner to see if this can be more viable for all.”
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