The National Company Law Tribunal bench in Mumbai has declared Venugopal Nandlal Dhoot, former promoter of Videocon Industries, bankrupt following a petition filed by the State Bank of India over outstanding dues amounting to nearly ₹12,668 crore. The order, delivered on Thursday under Section 126 of the Insolvency and Bankruptcy Code, 2016, stems from defaults on personal guarantees extended by Dhoot to secure credit facilities for Videocon Industries and Videocon Telecommunications Limited.
Tribunal Vests Assets With Bankruptcy Trustee Ashish Narayan
A two-member NCLT bench comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati held that the petition met…