The Department of Telecommunications (DoT) has moved the insolvency appellate tribunal NCLAT against the NCLT order approving the consolidated resolution plan for 13 companies of Videocon Group, including Videocon Telecommunications.
The DoT, in its petition, has requested the appellate tribunal to set aside the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 8, 2021 allowing the Rs 2,962-crore takeover bid by Anil Agarwal’s Twin Star Technologies. Videocon Telecommunications, in order to carry on business and as per the License Agreement for Unified License (Access Services) had secured the dues with as many as 131 Bank Guarantees from SBI in favour of DoT to the tune for Rs 881.92 crore.
The said bank guarantees, however, have “illegally” not been allowed to be invoked due to pending proceedings before the NCLT, DoT submitted before the National Company Law Appellate Tribunal (NCLAT) through its counsel.