Videocon Industries has filed a writ petition in Bombay High Court seeking stay on NCLT proceedings initiated against it by Reserve Bank of India (RBI) under Insolvency and Bankruptcy Code (IBC), sources told CNBC-TV18. Videocon Industries is the second company after Jayaswal Neco to challenge RBI's decision to send the company into the NCLT. Videocon argued that it had offered a recast proposal to bankers to repay part of Rs 43,000 crore debt. Sources, say the company had proposed to raise Rs 10,000 crore by sale of its land assets in Chennai, Bangalore, Kolkata and Mumbai and raise another Rs 4,000 crore every year to pare off the debt.

Bombay High Court is likely to hear the Videocon Industries and Jayaswal Neco petitions tomorrow. – Money Control