Lenders to Videocon group's energy business have extended the deadline for submitting the resolution plan till 30 September after it failed to receive any bids from potential applicants, according to two bankers aware of the development. Videocon Oil Ventures Ltd. (VOVL Limited), which is engaged in oil and gas extraction through international subsidiaries, had received expressions of interest from four companies, including Vedanta Limited (NSEI:VEDL) and Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4), for its overseas assets. "We have received no bids so far.

It is almost a year since the timeline has been extended. Bankers believe that liquidation may not fetch any value, so the lenders have decided to extend the timeline further," said the first banker aware of the matter. The delay in VOVL's resolution adds to the woes of lenders who are awaiting the National Company Law Appellate Tribunal's (NCLAT's) decision on the debt resolution process of Videocon.

The Supreme Court had last month refused to set aside the stay order given by NCLAT on Vedanta Group's Twin Star Technologies acquisition of Videocon group. It directed NCLAT to give its final decision on the matter on September 7, 2021. NCLAT's decision to stay the debt resolution process was based on an appeal by Bank of Maharashtra, which contended that the Twin Star bid had been made too close to the liquidation value.