New Delhi: The appellate tribunal NCLAT has dismissed petitions filed by two Dhoot brothers – Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot, challenging the initiation of personal insolvency against them over a default committed by debt-ridden Videocon Industries.
Personal Insolvency against the Dhoot brothers was initiated after SBI had issued a demand notice of Rs 5,353.78 crore over defaults by Videocon Industries, the principal borrower, for which they were the personal guarantors.
A two-member bench of the National Company Law Appellate Tribunal (NCLAT) has upheld the two orders passed by the Mumbai bench of NCLT in June last year, in which it had directed the initiation of insolvency against the duo, brothers of Videocon founder…