The National Company Law Tribunal (NCLT) on Wednesday admitted the insolvency petitions filed by lenders against debt-ridden Videocon Industries Ltd.

The Venugopal Dhoot-controlled group owes over Rs 20,000 crore to lenders, which includes State Bank of India’s Rs 3,961 crore and ICICI Bank's Rs 3,250 crore exposure.

Videocon is in the second list of 28 defaulters identified by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC).

Earlier, Videocon Group has requested the principal bench sitting in Delhi to consolidate all multiple insolvency cases filed by lenders against seven group companies at three different courts of Mumbai bench, to be heard together.

In February, Videocon Industries has approached the Bombay High Court asking for a stay on bankruptcy proceedings initiated by SBI at the NCLT.

First Published:Jun 6, 2018 6:13 PM IST