New Delhi, May 14 -- In a setback to Videocon founder Venugopal Dhoot, the National Company Law Appellate Tribunal (NCLAT) on Thursday rejected his request to include the group's Brazilian and Indonesian oil and gas assets in the ongoing insolvency proceedings of Videocon Industries and its 12 affiliates.

A bench led by Justice Yogesh Khanna upheld the lenders' stand that the foreign assets belonged to separate entities such as Videocon Oil Venture Ltd (VOVL) and could not automatically be a part of Videocon Industries' corporate insolvency resolution process (CIRP).

The dispute centred around overseas oil and gas assets held through VOVL and its subsidiaries in Brazil and Indonesia. Dhoot argued that since lenders connected to those ov...