Videocon Insolvency Resolution Process Gets NCLT Nod
By : Legal Era
Update: 2020-01-29 12:58 GMT
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[ By Bobby Anthony ]Videocon Industries has received permission from the National Company Law Tribunal (NCLT) to extend the corporate insolvency resolution process for another 90 days. The CIRP was to come to a halt on 4th of February 2020.It may be recalled that Videocon Group had sought Expressions of Interest (EoIs) for its 13 group companies undergoing resolution in the Indian...
Videocon Industries has received permission from the National Company Law Tribunal (NCLT) to extend the corporate insolvency resolution process for another 90 days. The CIRP was to come to a halt on 4th of February 2020.
It may be recalled that Videocon Group had sought Expressions of Interest (EoIs) for its 13 group companies undergoing resolution in the Indian bankruptcy court in October 2019 and it was to come to an end by January 2020.
Incidentally, Section 12 of the bankruptcy code states that completion of resolution process must be within 180 days, extensible to a maximum of 270 days from the date of commencement of insolvency. Thus, the new extension will come to an end on May 4, 2020.
Lenders to Videocon include State Bank of India, Allahabad Bank, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Bank of Maharashtra, Bank of Baroda, United Bank of India and Canara Bank.