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2020 (2) TMI 1345 - Tri - Insolvency and BankruptcyDirection to consider and treat all assets, properties (tangible and intangible), rights, claims, benefits of the Respondent Nos. 2 to 5 as assets and properties of Videocon Industries Ltd. for the purpose of present CIRP and to include the assets, liabilities, claims of Respondent Nos. 2 to 5 in the Information Memorandum (IM) of the present Corporate Debtor, Videocon Industries Ltd - Declaration that moratorium as per the provisions of the Code is applicable and imposed on the said foreign oil and gas assets and all the other rights, assets (tangible and intangible) and benefits held by or through the Respondent Nos. 2 to 5. HELD THAT:- In case the said assets are not considered to be assets of single economic entity and/ or of the Respondent No. 1/ VIL, then, by no stretch of imagination, the effective resolution of ongoing CIRP of any of the 13 Companies as well as the CIRP VOVL would meet to the objective envisaged under the IB Code and they shall be forced towards the liquidation despite having sufficient means and assets to resolve the debt of all corporate persons - there shall be compromise rather the rights and interest of important stakeholders like Operational Creditors, employees etc. shall be jeopardized to the greater extent as looking at the cross creation of the security interest in relation to the assets of each of the VIL Group Companies would not be able to independently meet with the claims lodged by all the creditors. As such, to effectively find resolution, and maximize the value of the assets, and keep the corporate persons as a going concern, the foreign Oil and Gas assets cannot be treated separately only for the benefit of the Financial Creditors. The foreign oil and gas assets and properties, including any claim, interest therein, of Videocon Group held through Respondent Nos.2 to 5 will have to be said to be the property of Respondent No. 1, the present Corporate Debtor/ VIL for the purpose of the present CIRP. The security interest is created by Rupee Facility Lenders in the oil and gas assets and there is cross creation of the security interest by all lenders in other business assets of Videocon Group treating it as single economic entity. Further, the foreign oil and gas assets of Videocon Group held through Respondent No. 2 to 5 is in fact, asset and property of Respondent No. 1/ VIL on the count of being original acquirer or alternatively even for qualifying all tests to lift corporate veil in between Respondent No. 1 / VIL and Respondent Nos. 2 to 5. Therefore, the assets held by them can be said to be "its" assets i.e. the assets of Respondent No. 1/ VIL/ Present Corporate Debtor, which is under the CIRP. Application allowed.
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