2 publishers · first seen Fri, 06 Nov 2026 06:49 UTC · updated Fri, 06 Nov 2026 09:14 UTC
The National Company Law Tribunal's (NCLT) Mumbai Bench has declared Venugopal Dhoot, the former promoter and director of Videocon Industries, bankrupt. This decision follows a petition filed by the State Bank of India (SBI) under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the bankruptcy process against Dhoot for defaulting on loans totaling Rs 12,668 crore. The NCLT has admitted the bank's petition and appointed Asish Narayan as the Bankruptcy Trustee. Dhoot has been directed to submit his financial position statement to the trustee within seven days. The Bankruptcy Trustee will oversee the administration and distribution of Dhoot's estate among his creditors.
The bankruptcy proceedings stem from personal guarantees Dhoot provided for loans extended to Videocon Industries and Videocon Telecommunications Ltd. SBI invoked these guarantees in February 2018 after the companies defaulted on their loans. Dhoot had previously submitted a repayment plan offering Rs 600 crore over three years, but creditors rejected it due to its contingent nature and lack of upfront payment.
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