Videocon Group promoter Venugopal Dhoot approached an appeals court against a June insolvency tribunal order that cleared the resolution plan of Vedanta group firm Twin Star Technologies.

Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT) has requested to set aside the order passed by the Mumbai bench of the NCLT and to direct the lenders to consider Rs 31,789 crore settlement plan submitted by him under section 12 of the Insolvency & Bankruptcy Code (IBC). In the petition, he has questioned the role played by the Resolution Professional and said that he should have mentioned the foreign oil and gas assets of Videocon Group in the information memorandum (Tender Form) to all the bidders and hence no valuation was considered.

"All assets owned by Videocon Group, particularly oil and gas assets owned by Videocon Industries are not included in Information Memorandum and no valuation thereof has been considered," he said, adding RP and lenders "were wrong to ignore order of NCLT to treat and include foreign oil and gas assets of Videocon as assets of Videocon Industries Ltd".

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