Venugopal Nandlal Dhoot declared bankrupt by Mumbai NCLT for ₹12,668.06cr
Business
Venugopal Nandlal Dhoot, the personal guarantor herein, the man behind Videocon Group, has officially been declared bankrupt by Mumbai's National Company Law Tribunal after SBI's ₹12,668.06 crore dues were claimed.
He now has seven days to submit details of his financial position to the bankruptcy trustee.
Asish Narayan appointed bankruptcy trustee
The tribunal has put Asish Narayan in charge as bankruptcy trustee. He'll handle collecting claims from creditors and figuring out how any recovered money gets split up.
Dhoot's financial troubles started years ago when he personally furnished personal guarantees for the loans for Videocon companies but couldn't pay them back.
After a rejected 600 crore-rupee offer, SBI pushed for legal action, leading up to this bankruptcy move.