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<\/span><\/figcaption><\/figure> MUMBAI: The National Company Law Tribunal gave the go-ahead on Thursday for consolidating the insolvency proceedings of 13 Videocon<\/a> group firms into a single process.

The landmark move is expected to quicken
Videocon<\/a>’s insolvency resolution and could pave the way for faster processing of other bankruptcy cases involving multiple entities that are part of one corporate group, legal<\/a> experts said.

Following the
NCLT<\/a> order, prospective suitors will now have to submit one resolution plan for all the 13 Videocon units, which house the group’s consumer electronics business. The tribunal’s order was in response to a plea by State Bank of India, which sought consolidation of insolvency proceedings of 15 Videocon group companies in January on the grounds that their operations were connected and a combined process would yield better realisation of value.

“There are two companies that are not to be directly consolidated, the reason is that they have their own independent source of income, they also have liabilities that can be segregated based on their assets and liabilities ratio,” the tribunal said. The two companies left out of the consolidated proceedings are KAIL Ltd. and Trend Electronics.

SBI had filed multiple pleas in various courts against Videocon Industries Ltd. and 14 other companies controlled by founder
Venugopal Dhoot<\/a> last year to recover Rs 20,000 crore after they defaulted on payments to a consortium of banks. The court appointed Mahender Khandelwal as the resolution professional. “The order is in the interest of the lenders and ensures maximisation of the value of the assets,” said Sandeep Ladda, a lawyer representing Videocon group and Dhoot. SBI was yet to respond to ET’s queries.
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NCLT清理整合13 Videocon单位的破产

具有里程碑意义的转移将加快Videocon快破产的决议,可能为其他破产案件的处理。

Bhavya Dilipkumar Mohit Bhalla)
  • 发布于2019年8月9日08:24点坚持
孟买:国家公司法法庭批准周四巩固13的破产程序Videocon集团公司为一个过程。

具有里程碑意义的举措有望加速Videocon破产的决议,可能为其他更快的处理破产案件涉及多个实体,是一个企业组织的一部分,法律专家说。

后,NCLT秩序,潜在追求者现在必须递交一份决议计划所有13个Videocon单位,这房子的消费电子业务。法庭的命令是在响应请求由印度国家银行,寻求整合的破产程序15 Videocon集团公司1月,理由是他们的业务联系和结合过程将产生更好的实现价值。

广告
“有两个公司,不是直接合并,原因是他们有自己的独立的收入来源,他们也有责任,可以隔离基于他们的资产和负债比率,“法庭说。这两家公司的合并程序是甘蓝类蔬菜电子有限公司和趋势。

印度国家银行提交了多个请求在不同的法院对Videocon工业有限公司和14个其他公司由创始人控制Venugopal Dhoot去年恢复20000卢比后他们拖欠付款银行组成的财团。法院任命两名吉口为解决专业。“订单在债权人的利益,确保资产的价值最大化,“Sandeep Ladda说,一个律师代表Videocon组和Dhoot。印度国家银行尚未回应等的查询。
  • 发布于2019年8月9日08:24点坚持

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<\/span><\/figcaption><\/figure> MUMBAI: The National Company Law Tribunal gave the go-ahead on Thursday for consolidating the insolvency proceedings of 13 Videocon<\/a> group firms into a single process.

The landmark move is expected to quicken
Videocon<\/a>’s insolvency resolution and could pave the way for faster processing of other bankruptcy cases involving multiple entities that are part of one corporate group, legal<\/a> experts said.

Following the
NCLT<\/a> order, prospective suitors will now have to submit one resolution plan for all the 13 Videocon units, which house the group’s consumer electronics business. The tribunal’s order was in response to a plea by State Bank of India, which sought consolidation of insolvency proceedings of 15 Videocon group companies in January on the grounds that their operations were connected and a combined process would yield better realisation of value.

“There are two companies that are not to be directly consolidated, the reason is that they have their own independent source of income, they also have liabilities that can be segregated based on their assets and liabilities ratio,” the tribunal said. The two companies left out of the consolidated proceedings are KAIL Ltd. and Trend Electronics.

SBI had filed multiple pleas in various courts against Videocon Industries Ltd. and 14 other companies controlled by founder
Venugopal Dhoot<\/a> last year to recover Rs 20,000 crore after they defaulted on payments to a consortium of banks. The court appointed Mahender Khandelwal as the resolution professional. “The order is in the interest of the lenders and ensures maximisation of the value of the assets,” said Sandeep Ladda, a lawyer representing Videocon group and Dhoot. SBI was yet to respond to ET’s queries.
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