State Bank of India (SBI), the country’s largest lender has reportedly initiated bankruptcy proceedings against Videocon Industries as the deadline set by the regulator to resolve the Rs 29,000 crore default failed.
The company owes the consortium of lenders Rs 29,000 crore, of which Rs 3,900 crore is due to SBI. The National Company Law Tribunal, a dedicated bankruptcy court, would hear the case on January 24.
Videocon Industries is engaged in the manufacture, and wholesale and retail trade of consumer electronics and home appliances items.
