The National Company Law Tribunal (NCLT), Mumbai, on Thursday declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt over outstanding dues of Rs 12,668 crore to the State Bank of India (SBI).
The order came after the Tribunal rejected his repayment proposal and terminated his personal insolvency resolution process, allowing creditors to pursue bankruptcy proceedings.
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 found that SBI’s petition fulfilled the statutory requirements prescribed under the Code and was filed within the stipulated period.
The Tribunal…