Venugopal Nandlal Dhoot, former promoter and director of Videocon Industries. (File photo)
The Mumbai Bench of the National Company Law Tribunal (NCLT) has declared Venugopal Nandlal Dhoot, former promoter and director of Videocon Industries, bankrupt. The tribunal issued the order while hearing a petition filed by the State Bank of India (SBI).
The step was taken after the personal insolvency resolution process and repayment plan for Dhoot failed. The bench of Vinay Goyal and Charanjit Singh Gulati passed the bankruptcy order under the Insolvency and Bankruptcy Code (IBC) on 5 November.
Details of Personal Guarantee and Dues
The NCLT noted that SBI had initiated bankruptcy proceedings against Dhoot in his capacity as the personal guarantor…