Twin Star Technologies Limited agreed to acquire Assets of Videocon from Videocon Industries Limited (BSE:511389) on December 17, 2020. Under the terms, will make INR 2.9 billion upfront payment for the acquisition as of June 9, 2021. The consideration includes payment of INR 5 billion within 90 days as upfront payment and the rest as non-convertible debentures over a period. The Committee of Creditors has approved the resolution plan submitted by Twin Star Technologies Limited (“Resolution Plan”), by passing the requisite resolution with 95.09% majority/voting share. Twin Star's resolution plan is now submitted to the National Company Law Tribunal, Mumbai for further approval. Videocon Industries and 12 other Videocon Group companies are undergoing a consolidated corporate insolvency resolution process. As of December 17, 2020, the lenders have approved the bid submitted by Twin Star Technologies. As of June 8, 2021, National Company Law Tribunal, Mumbai has approved the INR 30 billion bid of Twin Star Technologies for Videocon Industries. As of June 21, 2021, Videocon Industries Ltd and Values Industries Ltd, will be delisted. As an integral part of this resolution plan, the converted debt shall be converted into the financial creditors equity shares, such that the financial creditors own 8% of the total shareholding of VIL post such conversion. However, Videocon Telecom Ltd would be a subsidiary company of the merged entity. Equity shares of VIL having a face value of INR 10 per fully paid-up equity share capital shall be issued to the financial creditors "in proportion to their respective portion of the converted debt". As of July 19, 2021, The National Company Law Appellate Tribunal had asked Committee of Creditors to file the reply within two weeks and directed to list the matter on September 7 for the next hearing. Such financial creditors equity shares shall be subject to a three-year lock-in period from the closing date. As of August 2, 2021, Venugopal Dhoot has requested NCLT''s order approving Twin Star Technologies'' resolution plan to be cancelled and fresh resolution plan to be considered with Oil and Consumer Durable assets. As of January 5, 2022, The National Company Law Appellate Tribunal set aside the order of National Company Law Tribunal (NCLT) that approved the bid of Anil Agarwal's Twin Star Technologies for Videocon Group. The two-member Bench of Justice Jarat Kumar Jain and Justice Ashok Kumar Mishra said, “The approval of the resolution plan is not in accordance with Section 31 of the Code." Accordingly, the approval for the resolution plan by the Committee of Creditors (CoC) as well as NCLT is set aside. As of January 18, 2022 Twin Star Technologies, a promoter entity of the Vedanta Resources group, has moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order, which set aside the approval granted by the Mumbai bench of the National Company Law Tribunal (NCLT).

Anoop Rawat of Shardul Amarchand Mangaldas acted as legal advisor to Videocon Industries in the matter. Mehul Shah, Sudhir Bassi, and Vaibhav Mittal of Khaitan & Co. acted as legal advisor to Vedanta Limited.