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 must prevail in determining the scope of assets included in the resolution process.
The dispute arose after Venugopal Dhoot, founder of Videocon Group, sought to include overseas oil and gas assets spread across Brazil and Indonesia within Videocon Industries’ insolvency proceedings. Earlier, the NCLT Mumbai had directed the Resolution Professional to treat…