NCLT Principal bench directs to move Videocon insolvency pleas to one court

New Delhi: 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.

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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.