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September 22, 2020
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Banks, others may lose over Rs 90,000 crore as Videocon sinks

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MUMBAI: The beleaguered Videocon Group has admitted to stupendous outstandings to various lenders – public and private – amounting to over Rs 90,000 crore, making it perhaps the biggest corporate bankruptcy case in Indian banking history, official sources said on Thursday.

The two main group companies – Videocon Industries Ltd (VIL) and Videocon Telecommunication Ltd. (VTL) – owe Rs.59,451.87 crore and Rs.26,673.81 crore, respectively or a staggering Rs.86,125.68 crore to Indian banks, led by the State Bank of India (SBI).

Besides, 731 other Operational Creditors have made separate claims of Rs.31,117, 971,029 (VIL) and Rs.12,669,978,507 (VTL) for a total of over Rs 90,000 crore, the sources said.

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