One person said that Aneva Brazil has made the highest offer of ₹2,800 crore or the equivalent of $350 million, which is about 9% of the claims. Twin Star Overseas, owned by billionaire Anil Agarwal Vedantahas offered ₹1,200 crore or $150 million, which is about 4% of the claim amount, the same person said.
Also, RKG Fund-1, launched by Prudent Asset Reconstruction Companygave a plan of ₹1,000 crore. petro Rio SA offered ₹160-crore, or $20-million. The bids from Brazil-based oil explorers – Aneva Brazil and Petro Rio – are both for specific oil blocks, the people said.
Resolution professional Praveen Navander declined to comment on the development. He has accepted ₹30,640 crore in claims from financial creditors. VOVL has around ₹1,800 crore-2,000 crore as cash balance.
“The lower-than-expected bids have put the lenders in trouble,” said a bank official. “The lenders had delayed the bid date for several months in the hope that the government-owned ONGC Will submit a resolution plan,” the same banker said. Though ONGC submitted an expression of interest, it did not give any concrete plan.
VOVL’s lenders had approached ONGC’s top management, requesting it to participate in the resolution process, ET reported on December 7, 2021. The lenders were of the view that the involvement of the state-owned company would bring credibility to the process and prevent such malpractices. Videocon Industries, once owned by Venugopal Dhoot. VOVL is a subsidiary of Videocon Industries.
Twin Star TechnologiesA unit of Vedanta promoted by Anil Agarwal had offered about 5% of the claim amount to the lenders of Videocon Industries and its 12 entities going through bankruptcy. Though the bankruptcy bench had approved the resolution plan of Twin Star last June, it questioned the secrecy of the liquidation price as the Rs 2,962 crore offer made by the winning bidder was marginally higher than the Rs 2,568 crore liquidation price .
The National Company Law Appellate Tribunal directed the committee of creditors to restart the resolution process in January following their appeal that the Twin Star plan was “not practical.”