Mumbai: In a fresh twist in the case of video, the National Law Tribunal (NCLT) has ordered the search and across the country freezing of assets Venugopal Dhoot, his wife, his company and the head of corporate finance and corporate secretary.
The order was in response to a petition filed by the Ministry of Corporate Affairs (MCA) of the group that went bankrupt.
Step MCA appears behind the bank can recover only 4% of their claims were recognized at Rs 64 838 crore under the bankruptcy process.
The government has approached the Court under Section 241 and 242 of the Companies Act, which empowers MCA to act if there is fraud, imbalance or omissions constantly.
Responding to the petition, the court has instructed the MCA to serve a notice to disclose the nature / assets movable and immovable, including bank accounts, owned by them in India or anywhere in the world.
It also directs the storage service center (CDSL) and National Securities Depository (NSDL) to freeze all securities held by the respondents, which include Dhoots, the Company and Senior Management.
Board of Direct Taxes center also required to disclose the information it has on all respondents.
Indian Banks Association has been directed to facilitate the disclosure of details of bank accounts, lockers owned by the respondent (figures 2 to 6) and bank accounts and lockers are also suspended with immediate effect.
Finally, the MCA has been instructed to write to the state governments and union territories to identify and disclose all the details of immovable properties held by the respondent.
Despite receiving bids for only 4% of loans received, which is close to liquidation value, the lender has agreed to sell Videocon to Twin Star, a company Vedanta.
Unlike the enforcement authority that has the power sweep, the banks are not friendly only to pursue assets of the company which has gone bankrupt.
However, sales were halted when the appeals court give stay after the appeal of Maharashtra Bank – a different creditor.
In the order on Wednesday, NCLT said, “The bench is surprised by the way in which financial institutions have come forward to provide loans to the sunken ship and once again advanced to the petition under Section 7 of IBC and once again support this petition.
This course raising eyebrows ordinary people in public.
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