NCLT declares Videocon’s Venugopal Dhoot bankrupt

The Mumbai bench of the National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt after admitting a petition filed by State Bank of India (SBI) over outstanding dues of Rs 12,668 crore.

The order, passed on Thursday, follows the rejection of Dhoot’s proposed Rs 600-crore ­repayment plan in July, after creditors declined to approve the proposal.