Foreign Oil Assets Kept Outside Videocon Industries’ CIRP: NCLAT Rules in SBI’s Favour, Relies on CoC’s Commercial Wisdom [Read Order]
In a recent ruling, the National Company Law Appellate Tribunal (NCLAT), New Delhi, has upheld the exclusion of Videocon Industries’ foreign oil and gas assets from its Corporate Insolvency Resolution Process (CIRP). The appellate tribunal sided with the State Bank of India (SBI) and the Committee of Creditors (CoC), affirming that the lenders’ commercial wisdom…