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ONGC agrees to join Videocon Oil Ventures' resolution on lenders' call

Economic Times  

To avoid a fiasco similar to Videocon Industries, where the bankruptcy court frowned at the banks for accepting a bid closer to the liquidation value, lenders to its affiliate VOVL Ltd have approached the top management of ONGC requesting them to participate in the resolution process to widen participation for the oil & gas exploration company The State Bank of India-led consortium has subsequently directed the resolution professional of VOVL (formerly Videocon Oil Ventures Ltd), to restart the process after ONGC agreed to participate but sought time for due diligence In the case of Videocon Industries, the 100% owner of VOVL, lenders have sought approval from the appellate tribunal to restart the process after facing criticism for selling it at a throwaway price.