Videocon requests NCLT to include overseas oil assets in insolvency process
MUMBAI: Videocon Industries has approached the bankruptcy court to include its overseas oilfield assets Videocon Energy Brazil Ltd and Videocon Indonesia Nunukan Inc in the ongoing corporate insolvency resolution process.
Videocon Group’s consumer electronics business was admitted for insolvency during April, but the oil assets were left out by lenders in the bankruptcy filing.
The company on Tuesday requested the National Company Law Tribunal (NCLT) to include details of its oversees oil and gas assets in the information memorandum that would be circulated to potential bidders and to restrain lenders from selling these assets.
