NEW DELH: The National Company Law Tribunal has admitted Videocon Industries into insolvency proceedings under the Insolvency and Bankruptcy Code. The Venugopal Dhoot-led firm owes Rs 20,000 crore to various banks including Rs 3,900 crore to State Bank of India.
While the company’s consolidated debt is nearly Rs 44,000 crore, lenders have not taken its foreign assets to the bankruptcy court. The firm will hence go into the process with Rs 20,000 crore of debt housed in its domestic concerns.
Videocon will extend its full cooperation to the resolution professional, PTI reported chairman Venugopal Dhoot as saying. Dhoot also stated that the group had significant assets and he hoped that lenders would recover around 80 per cent of the debt.
The NCLT on Wednesday also named Anuj Jain of KPMG as the interim resolution professional for the case.Jain has 180 days to turn around the firm, with an option to extend the timeline by 90 days, failing which the firm will have to go for liquidation.