New Delhi: Appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities — Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) — while setting aside an earlier NCLT order that had directed clubbing of the two cases.
Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering…