New Delhi, Mar 9 (ET): Videocon Group chairman Venugopal Dhoot on Thursday rubbished reports that claimed that he had fled India to avoid scrutiny from bankers over Rs 20,000-crore debt owed by his various firms.

“I am very much in India and have no intention to ever going out of the country….in fact, I am most comfortable here and have not stepped out of India since the last five years,” Dhoot told ET.

The State Bank of India had in the first week of January referred Videocon Industries to bankruptcy court after lenders were unable to resolve its loan by December 31. A consortium of lenders have also decided to take to bankruptcy court all step-down subsidiaries of Videocon Industries in order to put in place a comprehensive resolution plan.

The step-down subsidiaries of Videocon Industries are engaged in activities such as manufacturing, sale and distribution of consumer goods.

KPMG has been appointed as resolution professional for all these companies.

Speaking to ET, Dhoot also said he is firming up plans to pay lenders back. "I will strive my best to repay every single penny owed to the banks.”

He has hired a team of financial experts to work out the best options including sale of various assets to repay lenders.

An official familiar with the group’s repayment plan said, “The group will most likely dip into their oil business and if oil prices in Brazil moves up further improving oil prices, repayment will be on track.”

In 2015, Videocon Industries had entered into an alliance with a Bharat Petroleum Corp unit to form a joint venture called IBV Brasil Petroleo to manage oil assets in Brazil. Videocon and the BPCL unit own 20% stake each, while Brazil’s Petrobras hold the remaining 60%.

“Where companies are willing to pay, banks cannot rush to impractical suggestions under external pressure, and instead should consider reasonable repayment amounts with a reasonable time frame,” an official advising such companies said.

Meanwhile lenders that ET spoke with said the Videocon account was under resolution in NCLT and the law will take its own course.

“I believe that the promoter has clarified that he is not fleeing the country….the account is in the NCLT right now and the resolution will be decided under the IBC process,” a banker said. “Anyways the government is thinking ahead and working on laws to prevent such incidents of promoters fleeing the country from occurring again, which gives us bankers some solace.”

The banker requested not to be identified as he is not authorised to speak to the media on such matters.

Videocon Industries is among the second list of 28 companies that the Reserve Bank of India had directed banks to refer to bankruptcy court as a debt resolution plan couldn’t be agreed by the end of December 2017. Its lenders have an exposure of over Rs 20,000 crore, of which SBI’s dues amount to Rs 3,900 crore.

The law allows banks to refer defaulting companies to bankruptcy court and resolve the debt in 270 days or liquidate assets to recover dues.