New Delhi
A proposal for paying the amount has been forwarded to the Committee of Creditors (CoC) of the Videocon Industries, said Venugopal Dhoot.
Venugopal Dhoot was the CMD of the suspended board of Videocon Industries. The company’s board was suspended following initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
The Dhoot family – erstwhile promoters of the group – expects a final decision on the settlement offer by the end of this year, provided the lenders and the National Company Law Tribunal (NCLT) agree to it.
The settlement offer has been made for 13 out of the 15 Videocon group companies that are currently under CIRP. Two group companies – KAIL and TREND – are not covered under the offer.
The Mumbai bench of NCLT has clubbed the 15 group companies together to speed up the resolution process as well as ensure better value.
“I expect the final decision to be taken within the next 30 to 60 days,” Dhoot said. Under Section 12A of the IBC, the tribunal can permit withdrawal of an ongoing insolvency process against a company subject to certain conditions.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android