Banks and other lenders owe Rs 90,000 crore to Videocon Group. It is going to be the biggest case of corporate bankruptcies (bankruptcy) in the history of Indian banking. Videocon Group has an outstanding balance of Rs 90,000 crore of banks and other lenders. In the history of Indian banking, this can be the biggest case of corporate bankruptcies. Many banks, including SBI, have a debt of Rs 59,451.87 crore and Rs 26,673.81 crore on Videocon Industries Limited (VIL) and Videocon Telecommunication Limited (VTL), two leading companies of Videocon Group.
Apart from this, the outstanding amount of 731 operational creditors (Suppliers) is different. Operational creditors of VIL are 3111 crores 79 lakh 71 thousand 29 rupees. Whereas VTL has 1266 crores 99 lac 78 thousand 507 rupees left. Last year, SBI had initiated a bankruptcy process in the National Company Law Tribunal when Videocon defaulted in repaying loans. According to the rules of the Insolvency and Bankruptcy Code (IBC), the board of directors of the company was suspended.
VIL’s 54 lenders include 34 banks. Out of these, SBI has the highest outstanding of Rs 11,175.25 crore. Among the 34 lenders of VTL, SBI has the highest outstanding of Rs 4,605.15 crore. VIL’s second-largest lender is Bank IDBI. Its remaining 9,561.67 crores are left. VTL’s second largest defaulter is Central Bank of India. Its claim is Rs.3073.16 crores. ICICI Bank has an outstanding balance of Rs 3,318.08 crore on VIL and Rs 1,439 crore on VTL. In the loan case, the CBI filed an FIR against former ICICI Bank MD and CEO Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and others in January this year in connection with the loan case. Chanda Kochhar is accused of discrimination.
According to the Insolvency and Bankruptcy Code (IBC), it is going to be the case of the largest bankruptcy in the country’s banking history. The huge impact of Videocon bankruptcy is going to fall on the corporate and banking sectors. People who have invested money on buying shares of this company are already affected.
