The National Company Law Tribunal declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt on Friday.
The tribunal admitted a petition from the State Bank of India to recover dues exceeding Rs 12,668 crore.
These massive unpaid debts stem from personal guarantees that Dhoot furnished for loans extended to various Videocon group companies.
A Mumbai bench of the tribunal accepted the lender’s petition under Section 123 of the Insolvency and Bankruptcy Code.
This landmark judicial decision clears the path for formal bankruptcy proceedings against Dhoot in his capacity as a personal guarantor.
The tribunal issued this order after Dhoot’s personal insolvency resolution process failed to yield a viable settlement for…