NCLT declares Videocon promoter Venugopal Dhoot bankrupt over ₹12,668 crore dues to SBI
The tribunal has appointed Asish Narayan as the bankruptcy trustee and given Venugopal Dhoot seven days to disclose his full financial position. The trustee will now gather claims from creditors and submit a preliminary report within 90 days.
The National Company Law Tribunal (NCLT) in Mumbai has declared Videocon promoter Venugopal Dhoot bankrupt over ₹12,668 crore dues to the State Bank of India (SBI). The NCLT appointed Asish Narayan as the bankruptcy trustee and directed Dhoot to submit details of his financial position within seven days. The trustee has been tasked with inviting claims from creditors and submitting a preliminary report within 90 days.
This bankruptcy declaration follows the failure of Dhoot's personal insolvency resolution process, which began on 8 April after the NCLT admitted SBI's insolvency application against him. The origins of the proceedings date back to 2010 and 2012 when Videocon Industries and Videocon Telecommunications took various loan and working-capital facilities from SBI and other banks, for which Dhoot provided personal guarantees.
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