Bankruptcy Case Against Videocon, NCLT Accepts Acceptance

The National Companies Law Tribunal (NCLT) has accepted the petition of creditors against Videocon Industries. With this, Videocon, in debt of Rs 20 thousand crore, hopes that the creditor will be able to recover 80% of the loan. After this, action will be initiated against Videocon under Bankruptcy Law.

A group of creditors led by the State Bank of India in the NCLT filed this petition. In this, an auctioneer will try to solve the issue by selecting the new owner of Industries. This entire work has to be done within the next 180 days.
Videocon Industries is the flagship company of Venugopal Dhoot. Banks have a debt of more than Rs 20,000 crore on this company. On one hand, the NCLT has accepted the petition against the Videocon Industry.

At the same time, the petition against Videocon Telecom has to be heard today. The company still does a little bit of business, but it is also in debt of more than Rs 3,000 crore.

NCLT has accepted the petition against Videocon Industries. Along with this he has appointed Anuj Jain of KPMG as an insolvency professional in this case.

However, Videocon will not include its subsidiary in this operation. Videocon oil has a debt of more than Rs 12 thousand crore. This company has assets in other countries of the world, including Brazil.

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