The NCLT has declared Videocon’s former promoter Venugopal Dhoot bankrupt over a ₹12,668 crore loan default involving SBI.
The Mumbai bench of the National Company Law Tribunal (NCLT) has ordered that the estate of Venugopal Nandlal Dhoot, former promoter and director of Videocon Industries, be vested in bankruptcy trustee Ashish Narayan for administration and distribution among creditors. The order follows the rejection of Dhoot’s proposed ₹600 crore repayment plan.
Why Was Venugopal Dhoot Declared Bankrupt?
The proceedings arise from personal guarantees provided by Dhoot for credit facilities extended to Videocon Industries Limited and Videocon Telecommunications Limited between 2010…