New Delhi: The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot against the initiation of personal insolvency proceedings over defaults by Videocon Industries, for which they stood as personal guarantors.
A two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra upheld the June 2024 orders of the Mumbai bench of the National Company Law Tribunal (NCLT), which had admitted State Bank of India’s (SBI) plea under Section 95 of the Insolvency and Bankruptcy Code to initiate insolvency proceedings against the brothers in their personal capacity.
The appellate tribunal also rejected their contention that SBI’s…