NCLAT adjourns hearing; stay on resolution plan to continue till September 20

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal's Twin Star Technologies.

Through an interim order on July 19, the appellate tribunal had stayed the implementation of the resolution plan for Rs 2,962.02 crore-takeover of 13 Videocon group companies.

The plan was approved through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).

A two-member NCLAT bench comprising Justice J K Jain and A K Mishra said the interim order would continue till the next date of hearing, that is September 20.

On July 19, NCLAT directed to maintain "status quo ante".

The appellate tribunal adjourned the hearing on the matter following a request from Solicitor General Tushar Mehta, who appeared for the Committee of Creditors (CoC).

"Ld. Solicitor General submits that he has advised the SBI, therefore, the appeals may be adjourned to some other date. Ld. Counsels for the Opponents have no objection, therefore, we are adjourning the matter," NCLAT said.