The bankruptcy of former Videocon promoter Venugopal Nandlal Dhoot has brought a proposed real estate development project in Siliguri into focus, exposing the limits of repayment plans that depend on future approvals, construction activity and cash flows rather than immediate funding. The National Company Law Tribunal’s Mumbai Bench declared Dhoot bankrupt on November 5 after rejecting a repayment proposal and appointed Asish Narayan as the Bankruptcy Trustee.
The order followed a petition by the State Bank of India, which had initiated proceedings against Dhoot as a personal guarantor for credit facilities taken by Videocon Industries Limited. The guarantees covered rupee term loans, facilities connected with Videocon…