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Videocon Default Escalates—NCLT Admits Dhoot’s Insolvency Petition, Imposes Asset Freeze

In one of the most significant developments in India’s banking and insolvency landscape, State Bank of India (SBI)-led consortium lenders have secured a major legal milestone as personal insolvency proceedings have been formally initiated against Venugopal Nandlal Dhoot in connection with an estimated ₹61,000 crore exposure linked to the erstwhile Videocon Group. The move marks…

NCLT orders insolvency proceedings against Dhoot

NEW DELHI: The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Videocon’s former chairman and MD Venugopal Dhoot for defaulting on loans of Rs 6,158 crore, as a personal guarantor of two group companies.Admitting a plea from State Bank of India (SBI), NCLT said Venugopal Dhoot has “committed defaults in repayment…

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