New Delhi: The National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt after admitting a petition filed by State Bank of India (SBI) to recover dues of more than Rs 12,668 crore arising from personal guarantees furnished for loans extended to Videocon group companies.
A Mumbai bench of the tribunal admitted SBI’s petition under Section 123 of the Insolvency and Bankruptcy Code (IBC), paving the way for bankruptcy proceedings against Dhoot as a personal guarantor.
The order follows the failure of his personal insolvency resolution process after creditors rejected a proposed repayment plan.
The tribunal appointed insolvency professional Asish Narayan as bankruptcy trustee…