India, May 18 -- Appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities - Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) - while setting aside an earlier NCLT order that had directed clubbing of the two cases.

Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering the distinct nature of their businesses and the need for a specialised resolution.

In this, state-owned Bharat Petroleum subsidiary, BPRL has acquired VOVL, exercising its Right of First Refusal (ROFR), which was subsequently approved by NCLT through a June 2024 order, while the CIRP ...