Videocon got the loans. Venugopal Dhoot got the bankruptcy order.
On November 5, the Mumbai bench of the National Company Law Tribunal (NCLT) declared the former Videocon Industries promoter bankrupt on a petition by State Bank of India (SBI). It put his bankruptcy estate, the pool of property available to pay his creditors, under the control of trustee Asish Narayan.
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Dhoot had offered creditors ₹600 crore over three years. What could they collect on day one? Nothing. The money would come from a proposed real estate development in Siliguri, provided the project went ahead, got its approvals and generated cash. The creditors decided…