The National Company Law Tribunal (NCLT), Mumbai bench, has accepted a bankruptcy petition filed by the State Bank of India (SBI) against former Videocon Industries promoter and director Venugopal Nandlal Dhoot, declaring him “bankrupt” over loan defaults totalling ₹12,668 crore, according to PTI.
The tribunal has named a Bankruptcy Trustee to administer the proceedings. Dhoot had stood as a personal guarantor for credit facilities extended to Videocon Industries by SBI and its erstwhile associate banks, which were subsequently amalgamated with the lender.
“Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt,” stated an order issued by a two-member bench of the NCLT on Thursday.
The tribunal has asked the…