The Department of Telecommunications (DoT) has moved the National Company Law Appellate Tribunal (NCLAT), an appellate forum for insolvency resolution cases, against an NCLT order approving the consolidated resolution plan for 13 companies of Videocon Group, including Videocon Telecommunications.
The NCLAT has directed to list DoT’s appeal for hearing on January 11, 2022.
In its petition, the DoT had requested NCLAT to set aside the NCLT Mumbai bench’s order passed on June 8, 2021, allowing the ₹2,962-crore takeover bid by Anil Agarwal’s Twin Star Technologies. A three-member bench of NCLAT said the appellate tribunal had already stayed the order on July 19 by granting a “status quo ante” to be maintained and Resolution Professional will continue to manage the affairs of Videocon Industries as per IBC provisions.
“In view of the submissions made by the Appellant/Applicant (DoT) and the impugned order on stay on near similar grounds, there is no need to further go into details,” said NCLAT.
In its submission, the DoT had conveyed to NCLAT DoT that defaulting telecom companies cannot be permitted to escape their liability through a initiation of Corporate Insolvency Resolution Process.
The Respondents are directed to file ‘Reply-affidavit’ within the next two weeks and rejoinder, if any, may be filed within a week thereafter,” said the NCLAT, in an order passed on December 8. The respondents in the matter include Videocon Industries and Videocon Telecommunications.
