The National Company Law Tribunal’s Mumbai bench has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt over outstanding debt of Rs 12,668.06 crore owed to the State Bank of India and its consortium of lenders.
The tribunal accepted SBI’s bankruptcy application filed under Section 121 of the Insolvency and Bankruptcy Code. The order followed the failure of Dhoot’s personal insolvency resolution process, after creditors rejected a proposal to settle the outstanding liabilities by paying Rs 600 crore over 36 months.
The tribunal appointed insolvency professional Ashish Narayan as the bankruptcy trustee responsible for managing and distributing Dhoot’s personal assets. Under the directions…