Creditors of debt-ridden Videocon Industries Ltd<\/a> will be taking nearly 96 per cent haircut on their loans and the bidder is \"paying almost nothing\" for the company, NCLT<\/a> has observed while approving Anil Agarwal's Twin Star Technologies' Rs 2,962.02 crore-bid under the insolvency resolution process. 的总索赔金额71433卢比,主张承认为64838 .63卢比和计划批准的数量只有2962 .02点卢比,这是只有4.15%的总索赔金额和总剪头发的债权人是95.85%,”NCLT观察。 债权人的债务缠身Videocon工业有限公司将削减近96%贷款,投标人支付几乎没有为公司,NCLT观察而批准的双胞胎Anil Agarwal星技术Rs 2962 .02点crore-bid破产解决过程。
Videocon Industries<\/a> and its 12 group companies had a total admitted claims of Rs 64,838.63 crore. The Mumbai<\/a> bench of the National Company Law Tribunal<\/a> has also observed that the resolution plan is giving 99.28 per cent to the operational creditors, which it sarcastically hinted to be as a \"Hair cut or Tonsure, Total Shave\".
It has requested the Committee of Creditors<\/a> (CoC) and Twin Star Technologies to increase the pay-out amount to these operational creditors as they are getting only 0.72 per cent of their admitted claim amount.
Many of the operational creditors are also MSMEs and in the near future many of these operational creditors may have to face insolvency proceedings which may be inevitable, said NCLT in its order passed earlier on June 9.
\"Out of total claim amount of Rs 71,433.75 crore, claims admitted are for Rs 64,838.63 crore and the plan is approved for an amount of only Rs 2,962.02 crore, which is only 4.15 per cent of the total outstanding claim amount and the total hair cut to all the creditors is 95.85 per cent,\" the NCLT observed.
It further said: \"Therefore, the successful resolution applicant is paying almost nothing and 99.28 per cent hair cut is provided for operational creditors (Hair cut or Tonsure, Total Shave).\"
A two-member Mumbai bench of the NCLT comprising members - H P Chaturvedi and Ravikumar Duraisamy - had approved the resolution plan by Twin-Star Technologies on June 9 and a detailed judgement is filed by the company on Tuesday.
\"As per the CoC approved resolution plan, assenting secured financial creditors would get only 4.89 per cent, dissenting secured financial creditors would get only 4.56 per cent, assenting unsecured financial creditors would get only very meagre amount of 0.62 per cent, dissenting unsecured financial creditors would get 'NIL\/ZERO' amount and operational creditors would also get a very meagre amount of only 0.72 per cent,” it said.
NCLT observed that during the course of hearing, it was submitted that voluminous number of operational creditors are also MSMEs and if they are paid only 0.72 per cent of their admitted claim amount, in the near future many of these operational creditors may have to face insolvency proceedings which may be inevitable.
\"... therefore this Adjudicating Authority suggests, requests both CoC and the successful resolution applicant to increase the pay-out amount to these operational creditors especially MSMEs as this is the First Group Consolidation Resolution Plan of 13 companies having large number of MSMEs,” it said.
The NCLT also noted that at the time of granting loan, restructuring, approving the resolution plan with such a huge hair cut also the financial institutions, Committee of Creditors consisting 35 members exercised their Commercial Wisdom.
\"Since this is the commercial wisdom of the CoC and as per the various judgements of the Supreme Court<\/a> and by following the judicial precedents, discipline the Adjudicating Authority (NCLT) approves the resolution plan of the successful resolution applicant with a suggestion, request to both CoC and the successful resolution applicant to increase the pay-out amount to these operational creditors especially MSMEs,\" it said.
As per the resolution plan, Twin Star Technologies will infuse funds by way of \"equity or convertible securities or subordinate convertible loans or any other appropriate means to make such payments in full and in priority\", the order said.
Twin Star Technologies would make an upfront payment of Rs 200 crore, out of which Rs 2 crore shall form part of the litigation corpus
Along with that it would issues NCDs worth Rs 2,700 crore carrying a coupon rate of 6.65 per cent. Moreover, NCDs will be redeemable in five instalments - the first instalment of Rs 200 crore, will become due 25 months from the closing date and the second instalment of Rs 625 crore will be due three years from the closing date.
\"...the third instalment of Rs 625 crores shall be due 4 years from closing date, the fourth instalment of Rs 625 crore would become due 5 years from closing date and the fifth instalment of Rs 625 crore become due 6 years from closing date,\" it said.
After implementation of the resolution plan, the financial creditors will receive 8 per cent of equity holding in Videocon<\/a> Industries Ltd, on a post money fully diluted basis, it added.
While, the operational creditors, which has an admitted claims of Rs 1,178 crore and Rs 1,587.1 crore by the statutory creditors will get only Rs 10 crore.
\"Rs 10 crore to be distributed proportionately among the operational and statutory dues,\" the plan said. Statutory dues such as income tax, sales tax, value added tax and various other taxes fall within the definition of operational debt.
The dissenting financial creditors, \"shall be paid (in cash) their portion of the Upfront Payment before the assenting”.
The resolution plan also asks for the delisting of shares of Videocon Industries Limited and Value Industries Limited from BSE and NSE<\/a> and the process has to be completed within 44 days from the effective date of the plan.
It also mandates merger of all 11 companies of the group — Applicomp, CE India, Century Appliances, Electroworld Digital Solutions, Evans Fraser & Co, Millennium Appliances, PE Electronics, SKY Appliances, Techno Electronics, Techno Kart, Value Industries, (except Videocon Telecom Limited) into Videocon Industries.
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Videocon破产:债权人96%理发费;NCLT请求增加派息
Videocon行业及其12集团公司总承认索赔64838 .63卢比。的孟买板凳上的国家公司法法庭还注意到,该决议计划操作债权人给予99.28%,它讽刺地暗示要作为一个“剪头发或秃顶,总刮胡子”。
许多操作的债权人也男男同性恋者和在不久的将来这些操作债权人可能不得不面临破产诉讼可能是不可避免的,说NCLT订单6月9日早些时候通过的。
的总索赔金额71433卢比,主张承认为64838 .63卢比和计划批准的数量只有2962 .02点卢比,这是只有4.15%的总索赔金额和总剪头发的债权人是95.85%,”NCLT观察。
进一步说:“因此,成功解决申请人支付几乎没有和99.28%剪头发为运营提供债权人(理发或者秃顶,总刮胡子)。”
的孟买带两台NCLT组成成员- H P查图尔维迪和Ravikumar Duraisamy——已经批准决议计划在6月9日通过姐妹星技术,详细的判断是在周二提交的公司。
“按照CoC批准决议计划,同意担保金融债权人只能得到4.89%,不同金融担保债权人只能得到4.56%,同意的无担保金融债权人只能得到非常微薄的0.62%,反对无担保金融债权人将得到零/零的数量和操作债权人也将得到一个非常微薄的只有0.72%,”它说。
NCLT过程中观察到听力,是提交的数量的操作债权人也男男同性恋者,如果他们只承认索赔金额的0.72%支付,在不久的将来这些操作债权人可能不得不面临破产诉讼可能是不可避免的。
“…因此这个裁决机关建议,请求CoC和成功的决议,申请人增加派息金额这些操作债权人尤其是男男同性恋者,因为这是第一组整合解决计划的13家公司拥有大量的男男同性恋者,”它说。
NCLT还指出,在发放贷款的时候,重组,批准决议计划,如此巨大的头发剪的金融机构,组成35债权人委员会成员行使他们的商业智慧。
“因为这是商业智慧的CoC和按的各种判断最高法院和遵循司法先例,纪律(NCLT)评选机构批准的决议计划成功解决申请人建议,请求CoC和成功的决议,申请人增加派息金额这些操作债权人尤其是男男同性恋者,”它说。
按照决议计划,双恒星科技将注入资金通过“股票或可转换证券或下属可转换贷款或任何其他适当的手段来支付这样的完整和优先”,说。
双恒星技术将预付款200卢比,其中2卢比应当诉讼主体的一部分
一起,将非传染性疾病问题价值2700卢比的票面利率为6.65%。此外,非传染性疾病将在五个可赎回分期付款- 200卢比的第一部分,将会由于25个月的截止日期,第二期625卢比将由于三年截止日期。
“…Rs 625卢比的第三期应当从截止日期由于4年,625卢比的第四期将从截止日期到期5年和625卢比的第五期到期截止日期6年,”它说。
决议计划的实施后,金融债权人将获得8%的股份持有Videocon工业有限公司后钱完全稀释的基础上,补充说。
,操作债权人,承认索赔1178卢比,1587。1卢比的法定债权人只能得到10卢比。
“10卢比分布式操作和法定费之间的比例,“这个计划。法定费,如所得税,营业税,增值税和其他税属于经营债务的定义。
不同金融债权人”,应当支付(现金)的部分前期付款之前同意的”。
决议计划还要求退市的股票Videocon产业有限和价值产业从疯牛病和有限分析了无这个过程必须在44天完成计划的生效日期。
还要求合并集团的11家公司——Applicomp CE印度世纪电器、Electroworld数码解决方案,埃文斯弗雷泽& Co,年电器、PE电子,电器,电子电器,电子小型赛车,产业价值,(除了Videocon电信有限公司)Videocon产业。
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Creditors of debt-ridden Videocon Industries Ltd<\/a> will be taking nearly 96 per cent haircut on their loans and the bidder is \"paying almost nothing\" for the company, NCLT<\/a> has observed while approving Anil Agarwal's Twin Star Technologies' Rs 2,962.02 crore-bid under the insolvency resolution process.
Videocon Industries<\/a> and its 12 group companies had a total admitted claims of Rs 64,838.63 crore. The Mumbai<\/a> bench of the National Company Law Tribunal<\/a> has also observed that the resolution plan is giving 99.28 per cent to the operational creditors, which it sarcastically hinted to be as a \"Hair cut or Tonsure, Total Shave\".
It has requested the Committee of Creditors<\/a> (CoC) and Twin Star Technologies to increase the pay-out amount to these operational creditors as they are getting only 0.72 per cent of their admitted claim amount.
Many of the operational creditors are also MSMEs and in the near future many of these operational creditors may have to face insolvency proceedings which may be inevitable, said NCLT in its order passed earlier on June 9.
\"Out of total claim amount of Rs 71,433.75 crore, claims admitted are for Rs 64,838.63 crore and the plan is approved for an amount of only Rs 2,962.02 crore, which is only 4.15 per cent of the total outstanding claim amount and the total hair cut to all the creditors is 95.85 per cent,\" the NCLT observed.
It further said: \"Therefore, the successful resolution applicant is paying almost nothing and 99.28 per cent hair cut is provided for operational creditors (Hair cut or Tonsure, Total Shave).\"
A two-member Mumbai bench of the NCLT comprising members - H P Chaturvedi and Ravikumar Duraisamy - had approved the resolution plan by Twin-Star Technologies on June 9 and a detailed judgement is filed by the company on Tuesday.
\"As per the CoC approved resolution plan, assenting secured financial creditors would get only 4.89 per cent, dissenting secured financial creditors would get only 4.56 per cent, assenting unsecured financial creditors would get only very meagre amount of 0.62 per cent, dissenting unsecured financial creditors would get 'NIL\/ZERO' amount and operational creditors would also get a very meagre amount of only 0.72 per cent,” it said.
NCLT observed that during the course of hearing, it was submitted that voluminous number of operational creditors are also MSMEs and if they are paid only 0.72 per cent of their admitted claim amount, in the near future many of these operational creditors may have to face insolvency proceedings which may be inevitable.
\"... therefore this Adjudicating Authority suggests, requests both CoC and the successful resolution applicant to increase the pay-out amount to these operational creditors especially MSMEs as this is the First Group Consolidation Resolution Plan of 13 companies having large number of MSMEs,” it said.
The NCLT also noted that at the time of granting loan, restructuring, approving the resolution plan with such a huge hair cut also the financial institutions, Committee of Creditors consisting 35 members exercised their Commercial Wisdom.
\"Since this is the commercial wisdom of the CoC and as per the various judgements of the Supreme Court<\/a> and by following the judicial precedents, discipline the Adjudicating Authority (NCLT) approves the resolution plan of the successful resolution applicant with a suggestion, request to both CoC and the successful resolution applicant to increase the pay-out amount to these operational creditors especially MSMEs,\" it said.
As per the resolution plan, Twin Star Technologies will infuse funds by way of \"equity or convertible securities or subordinate convertible loans or any other appropriate means to make such payments in full and in priority\", the order said.
Twin Star Technologies would make an upfront payment of Rs 200 crore, out of which Rs 2 crore shall form part of the litigation corpus
Along with that it would issues NCDs worth Rs 2,700 crore carrying a coupon rate of 6.65 per cent. Moreover, NCDs will be redeemable in five instalments - the first instalment of Rs 200 crore, will become due 25 months from the closing date and the second instalment of Rs 625 crore will be due three years from the closing date.
\"...the third instalment of Rs 625 crores shall be due 4 years from closing date, the fourth instalment of Rs 625 crore would become due 5 years from closing date and the fifth instalment of Rs 625 crore become due 6 years from closing date,\" it said.
After implementation of the resolution plan, the financial creditors will receive 8 per cent of equity holding in Videocon<\/a> Industries Ltd, on a post money fully diluted basis, it added.
While, the operational creditors, which has an admitted claims of Rs 1,178 crore and Rs 1,587.1 crore by the statutory creditors will get only Rs 10 crore.
\"Rs 10 crore to be distributed proportionately among the operational and statutory dues,\" the plan said. Statutory dues such as income tax, sales tax, value added tax and various other taxes fall within the definition of operational debt.
The dissenting financial creditors, \"shall be paid (in cash) their portion of the Upfront Payment before the assenting”.
The resolution plan also asks for the delisting of shares of Videocon Industries Limited and Value Industries Limited from BSE and NSE<\/a> and the process has to be completed within 44 days from the effective date of the plan.
It also mandates merger of all 11 companies of the group — Applicomp, CE India, Century Appliances, Electroworld Digital Solutions, Evans Fraser & Co, Millennium Appliances, PE Electronics, SKY Appliances, Techno Electronics, Techno Kart, Value Industries, (except Videocon Telecom Limited) into Videocon Industries.
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