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Videocon Industries has moved the Bombay High Court against State Bank of India and the Reserve Bank of India and the Union government, appealing to the court to stay the lender’s move to send the company to the National Corporate Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.
A division bench of the high court will hear Videocon’s petition on Wednesday. Videocon Industries was on the second list of 28 entities prepared by the RBI sent to the banks for action under the IBC 2016. The lenders then moved the NCLT early this month against these companies and appointed
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