The Department of Telecommunication (DoT) has moved the insolvency appellate tribunal NCLAT against the NCLT order approving the consolidated resolution plan for 13 firms 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.
DoT has submitted before NCLAT that defaulting telecom companies cannot be permitted to wriggle out of their liability by the triggering of the Corporate Insolvency Resolution Process. NCLAT has directed to list DoT’s appeal for hearing on January 11, 2022.
It may be recalled Videocon Telecommunications, to carry on business and as per the License Agreement for Unified License (Access Services) had secured dues with as many as 131 Bank Guarantees from SBI in favor of DoT to the tune of Rs 881.92 cr.
