NCLT declares Videocon’s Venugopal Dhoot bankrupt over Rs 12,668 crore guarantee dues

The Mumbai bench of the National Company Law Tribunal (NCLT) has declared Venugopal Dhoot, former promoter and director of Videocon Industries Ltd, bankrupt on a petition filed by the State Bank of India (SBI), which is seeking Rs 12,668 crore from him as a personal guarantor for loans taken by the company.

A two-member bench admitted SBI’s petition in an order passed on November 5. The bench appointed insolvency professional Asish Narayan, who had earlier overseen Dhoot’s personal insolvency resolution process, as the bankruptcy trustee. With the order, Dhoot’s estate will be administered by the trustee for the benefit of his creditors.