Videocon Industries promoters seek fresh package for debt restructuring

The package would result in banks getting back Rs 33,400 cr from the company over the next few years

In a last-ditch effort to save Videocon Industries from going into liquidation, the promoters have sought a debt restructuring package which would result in banks getting back Rs 33,400 crore from the company over the next few years. 

The company was sent to the National Company Law Tribunal (NCLT) for debt resolution in December 2017 and almost shut operations.

The committee of creditors (CoC) is expected to take up the latest proposal from the promoter on Wednesday. It has been made under Section 12A of the Insolvency and Bankruptcy Code (IBC). This section of the IBC allows withdrawal of IBC proceedings —