The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Ltds (VIL) resolution plan. The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwals Twin Star Technologies.
The NCLT order also said the shares of VIL and Value Industries Ltd, originally Videocon Appliances Ltd, will be delisted from stock exchanges following the acquisition by Twin Star. This means the stock value will ultimately become zero, similar to what happened with Dewan Housing Finance Corp. Ltds shares.
VIL shares have been rising on the exchanges for the past…
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