The order follows SBI’s petition over dues of Rs 12,668 crore after creditors rejected a proposed Rs 600 crore repayment plan
The National Company Law Tribunal (NCLT), Mumbai, has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt after admitting a petition filed by the State Bank of India (SBI) over outstanding liabilities of Rs 12,668.06 crore.
A bench comprising judicial member Vinay Goel and technical member Charanjeet Singh Gulati passed the order under Section 126 of the Insolvency and Bankruptcy Code (IBC), 2016. The tribunal appointed Asish Narayan as bankruptcy trustee and directed that Dhoot’s estate vest in him for administration and distribution among creditors.
Personal Guarantees Behind…