The National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt following a petition filed by the State Bank of India (SBI). This action comes after the failure of his personal insolvency resolution process and repayment plan.
The bankruptcy order was issued on November 5 under the Insolvency and Bankruptcy Code (IBC) by Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati. The tribunal noted that SBI initiated bankruptcy proceedings against Dhoot in his capacity as a personal guarantor for credit facilities availed by Videocon Industries Limited (VIL).
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