New Delhi: An insolvency order against 15 companies of Videocon Group is expected within three weeks, as the National Company Law Appellate Tribunal (NCLAT) has directed the Mumbai bench of National Company Law Tribunal (NCLT) to pass an order over a plea on this count within that period.
The insolvency plea was filed by a consortium of lenders led by the country’s biggest commercial bank, State Bank of India and the Resolution Professional of the company. The Videocon Group companies owe over Rs 90,000 crore to this consortium of lenders.
The lenders had pleaded that the NCLT was yet to pronounce its judgement even as it reserved an order after the completion of arguments in January 2019. Observing that arguments in the matter have already been completed, a three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya asked the lenders to inform it, if the NCLT does not pronounce its order within three weeks time frame.
“In the facts and circumstances consideration of process of 15 companies has already been raised and argued. Taking into consideration the nature of the matter, we direct the Adjudicating Authority (NCLT), Mumbai Bench to pronounce its judgment on an early date preferably within three weeks,” the NCLAT order had read.
The appellate tribunal further said that it appears that even on April 16, 2019, when the matter was listed, order has not been pronounced. “If it is not pronounced within three weeks, the parties may bring this fact to the notice of this Appellate Tribunal,” said NCLAT in its order.
The lenders informed the NCLAT that arguments have already been completed at the NCLT on January 25, 2019, and an order has been reserved and no judgement has been delivered till date.
According to the lenders, the fate of 15 companies is not decided because no order has been passed in the case.
Already Venugopal Dhoot-promoted Videocon Group is facing a probe by Enforcement Directorate (ED), the investigation arm of the Union finance ministry over alleged appointment of dummy directors.
Last month, ED had already grilled Dhoot, former ICICI Bank chief executive officer Chanda Kochhar and her husband Deepak Kochhar in connection with a money laundering case involving their business concern The three deposed as part of a regular summon and their statement were recorded under the Prevention of Money Laundering Act (PMLA).