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IFCI moves NCLT against Videocon debt resolution

Business Standard  

Delhi-based lender IFCI Ltd has moved the National Company Law Tribunal (NCLT) opposing the other lenders' plans to sell Videocon Industries' oil assets and consumer durable business separately. IFCI, which is one of the lenders of Videocon Industries, argues that while the debt of oil assets has been treated as Videocon Industries' consolidated debt, the value of oil assets is not included in VIL's resolution, thus impacting its recovery. IFCI, Sidbi and Bank of Maharashtra, holding 4% of voting shares in the Committee of Creditors (CoC), have also filed an appeal in the NCLAT against VIL's debt resolution, saying that recovery is miniscule and it makes no sense to accept a 96% haircut.