NCLAT Dismisses Government's Plea For Recovery From Videocon Industries During Moratorium

Arunima Bhattacharjee

31 Aug 2019 4:10 PM IST

The NCLAT agreed with the view taken by NCLT, Mumbai that during the period of 'Moratorium', the Government could neither recover any amount nor issue demand notice to the Videocon through its Resolution Professional.

The NCLAT has dismissed an appeal against Videocon Industries Limited, by the Ministry of Petroleum & Natural Gas, for recovery of over Rs. 2250 crores as unpaid share of 'profit petroleum'. Insolvency proceedings were initiated against Videocon by a group of lenders led by the State Bank of India on a default in payment of outstanding...

NCLAT Dismisses Government's Plea For Recovery From Videocon Industries During Moratorium

Arunima Bhattacharjee

The NCLAT agreed with the view taken by NCLT, Mumbai that during the period of 'Moratorium', the Government could neither recover any amount nor issue demand notice to the Videocon through its Resolution Professional.

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