The personal insolvency framework in India faces scrutiny after Videocon’s Venugopal Dhoot was declared bankrupt over ₹12,668 crore in guaranteed loans
Personal Insolvency Latest News
- Recently, the National Company Law Tribunal (NCLT) declared Venugopal Dhoot, former promoter and director of Videocon Industries, bankrupt — holding him personally liable as guarantor for loans worth ₹12,668 crore extended by the State Bank of India (SBI).
- This is a rare occurrence in India, as very few loan default cases reach the stage of personal bankruptcy. Once a business titan, Dhoot now stands to lose control over his companies and personal assets, unless an appellate authority stays or sets aside the order.