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IDBI recovers Rs.250-Cr outstanding loans from Videocon via asset sale in Poland

Economic Times  

IDBI Bank has recovered close to INR 250 crore of its outstanding loans to Videocon Group by selling an overseas property kept as a security by the bankrupt conglomerate. The sale of the property — a warehouse in Poland owned by a small step-down subsidiary of the group — was completed earlier this fiscal year. It was kept as collateral for a loan to a multi-level step-down subsidiary of the Videocon Group with exclusive charge of the bank. This recovery comes even as the National Company Law Appellate Tribunal (NCLAT) has stayed Vedanta's winning bid for Videocon under the Insolvency and Bankruptcy Code, after an appeal by dissenting creditors unhappy with low realisations. Vedanta arm Twin Star Technologies had received 94% of votes from the creditors for its offer of a little over INR 3,000 crore, which was a haircut of more than 95% on the admitted claims of INR 61,770 crore.