PMLA clean chit to Chanda Kochhar may help Videocon debt recast plan: Dhoot

An order by the Enforcement Directorate’s (ED’s) adjudicating authority to offer a clean chit to former ICICI Bank chief executive officer Chanda Kochhar and dismiss the attachment of her property by the ED will help Videocon Industries’ (VIL’s) application for a debt recast filed under Section 12A of the Insolvency and Bankruptcy Act.

The company’s promoter Venugopal Dhoot said their application is currently pending with the Committee of Creditors, which will soon vote on their proposal. “With the Prevention of Money Laundering Act adjudicating authority dismissing the attachment of Kochhar’s property and giving a clean chit, Indian banks will be