Videocon insolvency: SBI-led lenders drag over a dozen firms of Venugopal Dhoot-run group to bankruptcy court

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A clutch of lenders led by the State Bank of India (SBI) have reportedly filed insolvency petitions against over a dozen Videocon group companies, at the National Company Law Tribunal (NCLT), in a bid to recover a cumulative Rs 13,000 crore.

The lenders have also appointed four interim resolution professionals (IRPs) — Divyesh Desai of Singhi Advisors, Mahender Khandelwal of PwC India, Dhushyant Dave, a cost accountant, and Avil Menezes, a chartered accountant, reported The Economic Times.

Debts have been grouped into four clusters to streamline the process.

The Venugopal Dhoot-controlled Videocon group companies include Century Appliances, PE Electronics, Sky Appliances, Trend Electronics and Value Industries, which manufacture, sell or distribute consumer goods.

Furthermore, lenders could examine ways of asserting their rights over the assets of overseas units, which include interests in oil and gas, which are outside the purview of the bankruptcy court, the newspaper added.

In January, the SBI filed insolvency proceedings against Videocon Industries and Videocon Telecommunications. The two firms figured in the second list of 28 large corporate defaulters, put together by the Reserve Bank of India (RBI) in August 2017.

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