Mumbai: Venugopal Nandlal Dhoot, the former promoter and director of Videocon Industries, has been declared bankrupt by the National Company Law Tribunal (NCLT) over the default of Rs 12,668 crore loans from the State Bank of India (SBI).
In an order passed on Thursday, the Mumbai bench of the tribunal directed that Dhoot’s estate be vested in bankruptcy trustee Ashish Narayan and distributed among the creditors. The creditors had earlier rejected the Rs 600 crore repayment plan from Dhoot.
The case relates to the personal guarantees furnished by Dhoot for credit facilities or loans granted to Videocon Industries limited and Videocon Telecommunications Limited during 2010 and 2012. The companies had availed rupee term loans…