NCLT declares Videocon promoter Venugopal Dhoot bankrupt
What's the story
The National Company Law Tribunal (NCLT), Mumbai bench, has declared Venugopal Dhoot, the promoter of Videocon Industries, as bankrupt. The ruling comes after a ₹12,668 crore claim by the State Bank of India (SBI). "Venugopal Nandlal Dhoot, the personal guarantor herein, is declared as bankrupt," said the NCLT Mumbai bench in its order on Thursday.
Tribunal's directive
Dhoot to disclose his financial status within a week
The tribunal has appointed Asish Narayan as the bankruptcy trustee and asked Dhoot to disclose his financial status within a week.
The trustee has been tasked with inviting claims from creditors and filing a preliminary report within 90 days.
Under the Insolvency and Bankruptcy Code (IBC), Dhoot's bankruptcy estate will be managed by this trustee, who will manage assets and distribute recoveries among creditors.
Resolution failure
Dhoot's personal insolvency resolution process failed
The ruling comes after Dhoot's personal insolvency resolution process, which started on April 8, failed.
SBI had invoked personal guarantees given by Dhoot for loans taken by Videocon Industries and Videocon Telecommunications.
The bankruptcy proceedings were initiated after a ₹600-crore repayment plan proposed by Dhoot during his personal insolvency process was rejected due to concerns over its dependence on a real-estate project in Siliguri.
Debt details
SBI's total claim of ₹12,668.06 crore
SBI's total claim of ₹12,668.06 crore includes ₹9,322.10 crore from the Rupee Term Loan (RTL) facility, ₹1,437.76 crore from the Videocon Telecommunications Ltd (VTL) facility and ₹1,908.19 crore from working-capital facilities with interest and penalties.
The personal bankruptcy proceedings against Dhoot started in 2010 and 2012, when Videocon Industries and Videocon Telecommunications availed loans from SBI among other banks with Dhoot as promoter giving personal guarantees for these loans through guarantee deeds executed in those years.
Legal proceedings
Here's how the case unfolded
After Videocon companies defaulted, SBI invoked Dhoot's personal guarantees in February 2018.
Videocon Industries was admitted into corporate insolvency proceedings on June 6, 2018.
SBI later issued a demand notice to Dhoot on July 23, 2020, seeking some ₹6,157.57 crore.
After the amount remained unpaid, SBI filed an application before the NCLT Mumbai in September 2020 under Section 95 of IBC to initiate insolvency proceedings against Dhoot.
Application challenge
Dhoot's challenge to proceedings rejected
Dhoot challenged the proceedings, including on limitation grounds and by arguing that one of the guarantees had been executed in favor of SBICAP Trustee Company rather than SBI.
However, NCLT rejected these objections.
On April 8, 2026, NCLT admitted SBI's application and initiated Dhoot's personal insolvency resolution process with Asish Narayan as the resolution professional.