NCLT asks SBI not to sell overseas oil & gas assets of Videocon Industries
11th Sep 2019

The National Company Law Tribunal (NCLT) has asked State Bank of India (SBI) not go ahead with its plans to sell the overseas oil & gas assets of Videocon Industries in its bid to recover some of their dues from the bankrupt group.

Asking for maintaining the status quo, the NCLT said if SBI is allowed to execute the sale as advertised, the Videocon Group may suffer an irreparable losses if this tribunal in future takes a view that the assets in question belong to or owned by the group.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.