No bids, Videocon’s energy business extends deadline: Report
- ByAyushi Ray | September 6, 2021
Videocon’s energy business receives no bids, and hence they extend deadline. “We have received no bids so far. It has been almost a year since the timeline has been extended. Bankers believe that liquidation may not fetch any value, so the lenders have decided to extend the timeline further,” a banker said. The oil and gas extraction business had earlier received expressions of interest from four companies including Vedanta and a Brazilian company Petrobras for its overseas assets, the report added.
Last month, the Supreme Court had had refused to interfere in the order given by the National Company Law Appellate Tribunal (NCLAT) on Vedanta Group’s Twin Star Technologies which had offered to pay Rs 2,962 crores for Rs 64,838.63 crores in claims admitted which is nearly four percent of recovery rate. NCLAT had ordered a stay on the implementation of the resolution plan after petitions from lenders.
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