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NCLT allows consolidation of insolvency proceedings for 13 Videocon Group firms. IBC currently lacks a group insolvency framework. Cross-repayment obligations and heavy debt have hobbled insolvency proceedings of three large groups—Videocon, IL&FS and Reliance Communications.
30 Dis 2022 · By 2012, Videocon was one among a list of other highly indebted firms - including the Essar Group, GVK, GMR, and Reliance ADAG - that Credit Suisse's House of Debt report said posed a ...
Most of the people working in Videocon held the different view about the factors which effected their decision to leave an organization, but most of t he people felt that they left the organization due to better job prospects and carrier advancements.
India’s first tryst with group insolvency came through judicial intervention by the National Company Law Tribunal (NCLT) in the insolvency of the Videocon Group. Relying upon US precedents, the NCLT ordered the substantive consolidation of the corporate insolvency resolution process (CIRP) of 13 Videocon Group entities in light of intricately ...
16 Apr 2019 · The Venugopal Dhoot promoted Videocon Group, whose flagship Videocon Industries was part of the first list of firms to be referred for insolvency in June 2017, has seen no progress in resolution, according to bankers and lawyers in the know. The case was admitted for insolvency proceedings 10 months ago and has stretched well beyond the 270-day deadline set under the Insolvency and Bankruptcy ...
22 Jun 2021 · Earlier Videocon group was in the business of manufacturing television but later on diversified the business in the field of telecom, oil, and gas. 2) For the purpose of the above diversification the group took several financial facilities from various banks during the years 2007-2012. A consortium of bankers granted loan facilities where SBI ...
19 Jul 2021 · The National Company Law Tribunal (NCLT) on June 8 had approved Vedanta Group’s Twin Star Technologies’ resolution plan for 13 Videocon Group companies under the Insolvency and Bankruptcy Code at close to the liquidation value. Twin Star’s plan entailed a repayment of only Rs 2,962.02 crore or 4.15 percent of the total admitted claim ...
