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) involving outstanding claims of ₹12,668 crore, Bar and Bench reported.
The tribunal passed the order on Thursday, Nov 5, following the rejection of Dhoot's proposed ₹600 crore repayment plan earlier this year.
Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati admitted SBI's petition under Section 126 of the Insolvency and Bankruptcy Code (IBC), 2016.
The tribunal appointed Asish Narayan as bankruptcy trustee, directing that Dhoot's estate vest in him for administration and distribution among creditors.
The dispute originated from personal guarantees Dhoot provided for loans extended by SBI and its former associate banks to Videocon Industries and Videocon Telecommunications.
The lenders had sanctioned term loans and working capital facilities to the companies.
Following repayment defaults, the banks invoked Dhoot's personal guarantees in February 2018.
Videocon Industries entered corporate insolvency proceedings in June 2018, which were consolidated with proceedings involving 12 other group companies in August 2019.
SBI separately initiated action against Dhoot as a personal guarantor.
On April 8, 2026, the NCLT admitted the bank's application for personal insolvency resolution, recording defaults amounting to ₹6,157.57 crore.
During the insolvency proceedings, Dhoot offered to repay ₹600 crore over 36 months, relying on proceeds from a proposed real estate project in Siliguri.
However, the resolution professional found that the proposal had not been prepared in consultation with him, as required under the IBC.
The plan depended on future construction, regulatory approvals and projected cash flows that could not be verified. It also lacked any upfront payment.
Creditors consequently rejected the proposal. On July 17, the tribunal terminated the personal insolvency resolution process, allowing creditors to initiate bankruptcy proceedings.
SBI subsequently filed its bankruptcy petition, claiming ₹12,668.06 crore, including interest and penalties, as of Sept 30, 2026.
The NCLT found that the application satisfied statutory requirements and was filed within the prescribed three-month period.
