The National Company Law Tribunal (NCLT) has raised doubts about the confidentiality of property valuation of Videocon Industries and 12 of its companies under insolvency proceedings. The tribunal has asked the Insolvency and Bankruptcy Board of India (IBBI) to conduct an in-depth inquiry into the matter. The purpose of this investigation is to ensure that confidentiality is not compromised in the process. The asset valuation process of Videocon Industries and its 12 group companies was valued at Rs 2,568.1 crore and the market value of the property was Rs 4,069.95 crore.
Twin Star Technologies, an Anil Agarwal-controlled Vedanta Group company, had bid for Rs 2,962.02 crore under the resolution plan. Under the resolution plan, the registered valuers assessed the assets of 13 Videocon group companies. Insolvency resolution of companies Under the process, two registered appraisers fix the property value and keep it confidential along with the market value. This information is also given to the committee of creditors when the bidding reaches the final stage.
The Mumbai bench of the NCLT in its June 9 order said that even though confidentiality has been observed in the matter, doubts arise because of the facts and circumstances. We, therefore, request the IBBI to investigate this matter in-depth, to ensure that confidentiality is strictly adhered to by all concerned in the resolution process.