The Department of Telecommunications has requested the appellate tribunal to set aside the order passed by the NCLT Mumbai on June 8, 2021 allowing the ₹2,962-crore takeover bid by Anil Agarwal’s Twin Star Technologies
The Department of Telecommunications (DoT) has moved the NCLAT against an NCLT order approving the consolidated resolution plan (RP) for 13 companies of Videocon Group, including Videocon Telecommunications.
The DoT has requested the appellate tribunal to set aside the order passed by the NCLT Mumbai on June 8, 2021 allowing the ₹2,962-crore takeover bid by Anil Agarwal’s Twin Star Technologies.
DoT submitted before the NCLAT that defaulting telecom firms cannot be permitted to wriggle out of their liability by the triggering of the Corporate Insolvency Resolution Process.
Source: Read Full Article