India’s National Company Law Tribunal has declared Venugopal Nandlal Dhoot, the ousted promoter of Videocon Industries Ltd, bankrupt over personal guarantees he signed for loans that soured, with admitted dues including interest and penalties totaling 12,668.06 crore rupees (about $1.5 billion).
The Mumbai bench of the tribunal, comprising judicial member Vinay Goel and technical member Charanjeet Singh Gulati, admitted a petition filed by State Bank of India and ordered that Dhoot be adjudged bankrupt. The order was issued a day before Dhanteras, the first day of the Diwali festival season.
“Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt,” the two-member bench wrote in its 12-page order, adding that the…