Videocon blames delay in quarterly results on insolvency proceedings consolidation

Videocon Industries said on Monday it is unable to publish its financial results for the quarter ended June 30 due to the ongoing consolidation of insolvency proceedings of it along with other 12 group firms. In a regulatory filing, the company said filing of the quarterly results have been delayed due to the complexity involved in the consolidation of corporate insolvency resolution process (CIRP) the 13 group companies as directed by the Mumbai bench of National Company Law Tribunal (NCLT).

The NCLT had approved appointment of Mahendra Khandelwal as Insolvency Resolution Professional (IRP) and accordingly, the control of the management and operations of 13 entities, including the company stands vested with him in terms of the provisions of the Insolvency and Bankruptcy Code (IBC), Videocon Industries said in a BSE filing. Accordingly, Khandelwal is in the process of taking over the CIRP of all 13 Videocon group companies, it added.