NCLT admits Videocon Industries for bankruptcy proceedings of Rs 210 bn

The National Company Law Tribunal’s (NCLT) Mumbai bench admitted the insolvency petition filed by lenders against Videocon Industries after the company failed to repay its Rs 210 billion debt. 

The lenders initiated action against the company after the Reserve Bank of India identified it in its second list of companies for debt resolution under the Insolvency and Bankruptcy Code in December last year.

Videocon Industries' total consolidated debt is Rs 440 billion but the lenders have not taken its foreign arms to the bankruptcy court as they are still repaying their debt. Almost half of Videocon’s debt is housed