NCLT declares Videocon’s Venugopal Dhoot bankrupt in SBI’s Rs 12,668 cr claim
Mumbai: The National Company Law Tribunal (NCLT) admitted State Bank of India’s petition to initiate bankruptcy proceedings against Venugopal Dhoot, former chairman of Videocon Industries, and declared him bankrupt in connection with personal guarantees extended for credit facilities availed of by the Videocon group.
The NCLT order came after SBI rejected Dhoot’s proposal involving a real estate development in Siliguri to repay Rs 600 crore over 36 months. The proposal represented much lower than the admitted dues. SBI rejected the proposal as the bank found it contingent on future development, regulatory approvals and cash flows.
