NCLT declares Videocon's Venugopal Dhoot as bankrupt over Rs 12,668-crore SBI default

The Mumbai bench of the National Company Law Tribunal NCLT has declared the former Videocon Industries promoter and director Venugopal Nandlal Dhoot as Bankrupt admitting the petition filed by public sector lender State Bank of India over default of Rs 12668 croreThe Mumbai bench of NCLT has also appointed a Bankruptcy Trustee to conduct the bankruptcy process against Dhoot who had given personal guarantees for loan facilities availed by Videocon Industries from SBI and its erstwhile associate banks which were merged with the leading bankVenugopal Nandlal Dhoot the Personal Guarantor herein is declared as Bankrupt said an order passed by a twomember bench of NCLT on ThursdayNCLT had directed the Bankruptcy Trustee to issue a Public Notice inviting claims from the creditors of Dhoot and said the estate property of the bankrupt Dhoot shall be divided among his creditorsDhoot has been directed to submit his statement of financial position to the bankruptcy trustee within seven days from the commencement of the bankruptcy proceedingsThe Bankrupt Dhoot shall submit his statement of financial position to the Bankruptcy Trustee in the prescribed form within seven days from the date of this order ie the bankruptcy commencement date it saidMoreover the bankruptcy trustee will also submit a preliminary report to the tribunal and the Committee of Creditors within 90 days followed by quarterly progress reports said the bench comprising Member Judicial Vinay Goel and Member Technical Charanjeet Singh GulatiThese bankruptcy proceedings against Dhoot shall continue to have effect till the debtor is discharged under Section 138 of the Code NCLT said in its 12page orderThe matter pertains to Videocon Industries Ltd VIL which had availed credit facilities from SBI and its erstwhile associates State Bank of Hyderabad State Bank of Mysore State Bank of Travancore State Bank of Bikaner and Jaipur and State Bank of Patiala In this a certain amount was also availed by Videocon Telecommunications Ltd VTL as a coobligorHowever it defaulted and according to the SBI petition the total amount defaulted including interest and penalties was Rs 1266806 crore as on September 30 2026This comprises Rs 932210 crore under the rupee term loan facility Rs 143776 crore under the VTL facility and Rs 190819 crore under the working capital facilityDhoot had given personal guarantees for facilities availed by Videocon Industries from SBI and its erstwhile associate banks which were merged with SBI in April 2017 SBI invoked the guarantees through demand notices in February 2018The NCLT has already initiated the personal insolvency resolution process against Dhoot on April 8 2026 During the personal insolvency resolution process Dhoot submitted a repayment plan on June 16 2026 offering Rs 600 crore over 36 months through a proposed development project in Siliguri which was just 042 per cent of the admitted duesHowever the resolution professional found the proposal contingent on future project approvals and cash flows with no upfront payment He reported that the plan was not prepared in consultation with him as required under Section 105 of the Code and was contingent on future development approvals and cash flowsOn July 17 the tribunal rejected the plan under Section 114 and terminated the process Following this SBI filed the bankruptcy petition on September 24 within the threemonth limit under Section 1212Admitting the bankruptcy plea NCLT said We are satisfied that the Petition complies with all the requirements prescribed in Section 123 of the Code Therefore we consider it proper to admit this PetitionThe NCLT order which records no appearance for Dhoot has directed the Bankruptcy Trustee to submit to this Adjudicating Authority NCLT and the Committee of Creditors CoC a preliminary report within 90 days of the bankruptcy commencement dateThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever