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Informist, Thursday, May 21, 2026

 

NEW DELHI – Videocon Group's former managing director Venugopal Nandlal Dhoot has moved the Supreme Court, seeking to include the foreign oil and gas assets of various arms of Videocon Industries Ltd. in the company's assets for its insolvency proceedings. Dhoot has sought that all foreign assets, properties, rights, and claims of Videocon Oil Ventures Ltd., Videocon Hydrocarbon Holdings Ltd., Videocon Energy Brasil Ltd., and Videocon Indonesia Nunkan Inc. be included as assets and properties of Videocon Industries for the purpose of insolvency resolution. 

 

In 2018, the Mumbai bench of the National Company Law Tribunal admitted a petition by State Bank of India seeking to initiate insolvency proceedings against Videocon Industries. In 2019, the tribunal allowed the consolidation of the corporate insolvency resolution processes of Videocon Group's related companies.  

 

Dhoot said that Videocon Industries' resolution professional and committee of creditors committed a grave error in not considering the foreign oil and gas assets of arms as assets of the debt-ridden company, particularly when the lenders' claim on these assets, to the tune of INR 231.21 billion, was treated as a claim against Videocon Industries. However, State Bank of India opposed this, arguing that Videocon Industries' insolvency would erode the value of other companies' assets. 

 

Last week, the National Company Law Appellate Tribunal rejected Dhoot's plea to include the foreign oil and gas assets of various arms in Videocon Industries' insolvency proceedings. The appellate tribunal said it was Videocon Energy Brasil Ltd., which could be called, in a strict sense, the actual owner of the assets, since it holds 50% shareholding in Videocon Oil Ventures, which directly holds the foreign assets. It is a trite law that the assets of a corporate debtor's subsidiaries cannot be included in the insolvency proceedings of the debtor, the appellate tribunal said. 

 

Videocon Industries and Videocon Oil Ventures underwent separate insolvency proceedings under the provisions of the insolvency law. The creditors of both companies intended the insolvency proceedings to run separately, the appellate tribunal said. Videocon Industries and Videocon Oil Ventures are involved in different businesses – Videocon Industries in consumer electronic products and Videocon Oil Ventures in oil products – and one single entity would not have the expertise to revive these varied businesses, the appellate tribunal added. Challenging the appellate tribunal order, Dhoot has moved the apex court.

 

Thursday, shares of State Bank of India ended at INR 950.90 on the National Stock Exchange, unchanged from the previous session.  End

 

Reported by Surya Tripathi

Edited by Saji George Titus

 

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