Videocon staring at liquidation as Covid-19 pandemic deters buyers

The company was admitted for debt resolution in June 2018 under the Insolvency and Bankruptcy Code after it started defaulting on its Rs 40,000-crore debt

Once India’s biggest electronics maker, Videocon Industries (VIL) is now staring at liquidation, as bidders worry about the company’s prospects and look to conserve cash in times of Covid.

The company was admitted for debt resolution in June 2018 under the Insolvency and Bankruptcy Code (IBC) after it started defaulting on its Rs 40,000-crore debt.

According to a source close to the development, bankers considered sending the company into liquidation at a meeting on July 29. “The issue is likely to be discussed again at the next committee of creditors meeting and there will be voting. Before the

pandemic hit the