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Include Videocon foreign arms in insolvency process: NCLT

Include Videocon foreign arms in insolvency process: NCLT

Thursday, February 13, 2020, 8:50 PM

The NCLT has ordered the inclusion of Videocon's oil-businesses in Brazil and Indonesia as part of insolvency proceedings being conducted in India, according to two-people aware of the matter. The order is the first instance of overseas incorporated subsidiaries being brought under the ambit of local-insolvency-laws. The assets include stakes in overseas oil blocks held through Videocon arms incorporated in the Cayman-Islands and British-Virgin-Islands.
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