MUMBAI: The Videocon debt saga has reached another grim milestone. The National Company Law Tribunal (NCLT), Mumbai, has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt after State Bank of India (SBI) pursued a claim of Rs 12,668.06 crore against him, Bar and Bench reported.
The order, passed on 5 November, follows the failure of Dhoot’s proposed Rs 600-crore repayment plan, which creditors rejected in July. The tribunal admitted SBI’s bankruptcy petition under Section 126 of the Insolvency and Bankruptcy Code (IBC), 2016, paving the way for the administration and distribution of Dhoot’s estate among creditors.
A bench comprising judicial member Vinay Goel and technical member…