CGST Files Intervention Plea In Videocon Case
Videocon Industries Ltd. work at the company’s offices in Mumbai, India. (Photographer: Adeel Halim/Bloomberg News)

CGST Files Intervention Plea In Videocon Case

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The Central Goods and Services Tax department on Tuesday filed an intervention petition at the National Company Law Tribunal seeking to be an operational creditor in the Videocon Group bankruptcy process.

The CGST deparment wants to be an operational creditor in the Videocon Group, which owes over Rs 75,000 crore to lenders and was among 12 largest defaulters identified by the Reserve Bank in its first list for insolvency in late 2016.

The CGST has a made claim of around Rs 4.5 crore against Videocon.

Earlier, the resolution professional had classified the CGST claim as “contingency claim”.

On Aug. 8, NCLT had allowed the RP to consolidate 13 of the 15 Videocon group companies into a single entity, citing similarity in their operations, to speed up the resolution process and also to get better value.

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