State Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Evans Fraser and Co. (India) Ltd., the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in making payment of ₹456.90 crores under the Rupee Term Loan Agreements (RTL) as of December 31, 2017. The petitioner argued that the Corporate Debtor is jointly and severally liable as Obligor/Co-obligor with 12 other Videocon group companies to repay the loan granted under RTL. The petitioner also stated that State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State Bank of Punjab were merged into State Bank of India

State Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Evans Fraser and Co. (India) Ltd., the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's default in making payment of ₹456.90 crores under the Rupee Term Loan Agreements (RTL) as of December 31, 2017. The petitioner argued that the Corporate Debtor is jointly and severally liable as Obligor/Co-obligor with 12 other Videocon group companies to repay the loan granted under RTL. The petitioner also stated that State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State Bank of Punjab were merged into State Bank of India