Debt-ridden Videocon Group today approached the principal bench of NCLT requesting it to direct all insolvency case, filed by its lenders against seven group companies at different courts of Mumbai bench, to be heard together. 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 in the second list of 28 defaulters by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code.