The National Company Law Tribunal (NCLT) in Mumbai has declared Venugopal Dhoot, former promoter of Videocon Industries, bankrupt. This decision comes after a petition filed by the State Bank of India (SBI) following the failure of Dhoot’s personal insolvency resolution process and his proposed repayment plan.
Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati of the NCLT passed the bankruptcy order on November 5 under the Insolvency and Bankruptcy Code (IBC). SBI initiated proceedings against Dhoot as he had acted as a personal guarantor for significant credit facilities extended to Videocon Industries Limited (VIL), including term loans, facilities for Videocon Telecommunications Limited, and working capital…