Videocon lenders to seek better offers before last call on liquidation

As economy picks up, they expect bidders to come back to table

The lenders to consumer goods to oil firm, Videocon Industries, have decided to wait to get a better bid for the company before taking a final call on liquidation.  

The committee of creditors (CoC), which met on Friday, said because of the ongoing pandemic very few bidders had shown interest in the firm. If the company is sent for liquidation, the lenders will end up taking a huge haircut. But, as the economy picks up, creditors are of the opinion that the bidders will come back to the table.

When Videocon was sent to the National Company Law Tribunal (NCLT) for debt