Videocon group approaches principal bench of NCLT, requests all insolvency cases to be heard together

New Delhi: Debt-ridden Videocon Group on Wednesday approached the principal bench of the NCLT requesting it to direct all insolvency cases, filed by its lenders against seven group companies at different courts of Mumbai bench, to be heard together.

File photo of Videocon Chairman Venugopal Dhoot. AFP

File photo of Videocon Chairman Venugopal Dhoot. AFP

The group has requested the principal bench sitting here to consolidate all multiple insolvency cases filed by lenders at three different courts of National Company Law Tribunal (NCLT) Mumbai and hear together.

The principal bench of NCLT, headed by President Justice M M Kumar, has directed the Videocon Industries to file an affidavit having details of its group companies and courts where insolvency matters are pending.

The principal bench has directed to list immediately the matter once affidavit is filed by Videocon Industries.

"This process has to be taken in place collectively," submitted Videocon Industries counsel adding that they all are part of one composite group.

The step-down subsidiaries include Videocon Telecom, Electro World, and Millennium Appliances.

Videocon is on the second list of 28 defaulters by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code.

Updated Date: Apr 25, 2018 13:17 PM

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