Deal Closed | Vedanta Limited | Resolution Plan | Videocon

The details of the deal are as follows:

Sector: Oil, Gas and Consumable Fuels 

Announcement Date: 09-Jun-2021

Completion Date: Name of Client Vedanta Limited (Formerly Sesa Sterlite Limited) 

Name and Description of Acquirer / Bidder / Investor: Vedanta Group | India 

Deal Description: Khaitan advised the client in relation to the acquisition of thirteen companies forming part of the Videocon group including flagship Videocon Industries Limited and Videocon Telecom Limited under the IBC Process. This was the first group insolvency process initiated under the IBC

Total Consideration: Confidential

Team Members: Mehul Shah (Partner), Ritwik Kulkarni (Principal Associate) with assistance from Sudhir Bassi (Executive Director) and Vaibhav Mittal (Counsel) on SEBI Laws including delisting of Corporate Debtor and Aman Yagnik (Principal Associate), Jamsheed Dadachanji (Senior Associate), Riya Agicha (Senior Associate) and Rushabh Gala (Senior Associate) assisted on structuring.

Role of Firm: Counsel to resolution applicant Twin Star Technologies Limited 10. Innovative Feature of the transaction The first Group insolvency process under the CIRP process to be approved passed by the NCLT.