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Former Videocon Industries promoter and director Venugopal Nandlal Dhoot has been declared as ‘bankrupt’ by the Mumbai bench of the National Company Law Tribunal (NCLT).
The NCLT admitted the petition filed by public sector lender State Bank of India over a default of Rs 12,668 crore.
A Bankruptcy Trustee will be conducting the bankruptcy process against Dhoot.
The trustee will submit a preliminary report to the tribunal and the Committee of Creditors within 90 days, followed by quarterly progress reports.
Dhoot gave personal guarantees for loan facilities availed by Videocon Industries from SBI and its erstwhile associate banks, which were merged with…