The National Company Law Tribunal, Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt after admitting a petition filed by State Bank of India (SBI) over outstanding dues of approximately Rs 12,668 crore.
The Tribunal, comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati, passed the order on November 5 under the Insolvency and Bankruptcy Code (IBC), following the failure of Dhoot’s personal insolvency resolution process and rejection of his proposed repayment plan.
Why did SBI initiate bankruptcy proceedings against Venugopal Dhoot?