NCLT Declares Videocon's Venugopal Dhoot as Bankrupt over ₹12,668-Cr SBI Dues
- The Mumbai bench of the National Company Law Tribunal declared former Videocon promoter Venugopal Nandlal Dhoot bankrupt over State Bank of India dues of ₹12,668 crore.
- The tribunal appointed a bankruptcy trustee and ordered Dhoot’s estate to be administered and distributed among creditors.
- The tribunal rejected Dhoot’s proposed ₹600-crore repayment plan because it depended on future approvals and cash flows and offered no upfront payment.
- State Bank of India pursued the bankruptcy case after lenders invoked Dhoot’s personal guarantees for Videocon loans following repayment defaults.
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14 Articles
NCLT declares Videocon's Venugopal Dhoot as bankrupt over ₹12,668-cr SBI dues
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 dues of Rs 12,668 crore.
NCLT declares Videocon's Venugopal Dhoot bankrupt over Rs 12,668 crore SBI loan default
The creditors had earlier rejected the Rs 600 crore repayment plan from Venugopal Dhoot. The NCLT has ordered that his estate be vested in the bankruptcy trustee and divided among the creditors.
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.
NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee
The National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt on a petition filed by the State Bank of India (SBI), after the failure of his personal insolvency resolution process and repayment plan.
The announcement of bankruptcy of the chairman of the famous Videocon company, Venugopal Dhoot, has come as a shock. He has been declared bankrupt in a loan fraud case. Videocon chairman Venugopal Dhoot had failed to repay a loan of Rs 12,668 crore to SBI Bank. In this regard, SBI Bank has approached the National Company Law Tribunal
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