Videocon insolvency pleas to be heard in single court: NCLT principal Bench

NCLT President Justice M M Kumar directed to transfer the insolvency petitions to one court headed by M K Shrawat

The principal bench of the National Company Law Tribunal (NCLT) on Wednesday directed to transfer all insolvency petitions related to Videocon group being heard in Mumbai courts to a single court there.

NCLT President Justice M M Kumar directed to transfer all insolvency petitions related to Videocon group to one court headed by M K Shrawat.

The Mumbai bench of NCLT has three courts.

The order of NCLT's Principal bench came over a petition jointly moved by lenders led by State Bank of India as well as the corporate debtor, the Videocon group and Venugopal N Dhoot.

The Mumbai bench of the tribunal in June admitted the insolvency plea against Videocon.

Following this, SBI had moved separate insolvency petitions against all the 13 subsidiaries of the parent group, including Videocon Industries Ltd and Videocon Telecommunications Ltd.