Indian creditors to lose `90,000 crore in Videocon

Mumbai: Videocon Group has admitted to stupendous outstandings to various lenders amounting to over Rs 90,000 crore, making it perhaps the biggest corporate bankruptcy case in Indian banking history, sources said. The company, however, said the total dues amount to around Rs.39,000 cr, most of which it plans to repay through its huge “oil assets”.

The two main group companies – Videocon Industries Ltd (VIL) and Videocon Telecommunication Ltd. (VTL) – owe Rs 59,452 cr and Rs 26,674 cr, respectively to Indian banks, led by the SBI. Besides, 731 other Operational Creditors have made separate claims for a total of over Rs 90,000 crore, the sources said.

Interestingly, even the Group promoters – Venugopal Dhoot, Pradipkumar Dhoot and Rajkumar Dhoot – have also filed claims of Rs 57,823.24 crores on the basis of personal guarantees provided by them for various facilities availed/guaranteed by VIL, which are under evaluation.

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