The NCLT, Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt over outstanding dues of ₹12,668.06 crore claimed by the State Bank of India (SBI).
The bankruptcy proceedings stem from personal guarantees Dhoot had furnished against credit facilities extended to Videocon Industries Limited (VIL) and its associated businesses. These included rupee term loans, facilities connected with Videocon Telecommunications Limited (VTL) and working capital borrowings.
Following defaults by the group, lenders invoked the guarantees in February 2018, seeking repayment of ₹3,171.37 crore under the rupee term loan facilities, ₹676.91 crore under the VTL facilities and ₹795.57…