New Delhi: The Mumbai bench of the National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter and director Venugopal Nandalal Dhoot bankrupt. The order was passed on a petition filed by the State Bank of India (SBI) over defaults linked to loans worth 12,668 crore.
The tribunal issued the bankruptcy order on November 5 under the Insolvency and Bankruptcy Code (IBC). The bench comprised members Vinay Goyal and Charanjit Singh Gulati.
The action followed the failure of Dhoot’s personal insolvency resolution process and repayment plan. The tribunal noted that SBI had initiated proceedings against him because he had acted as a personal guarantor for credit facilities obtained by Videocon Industries Limited from the bank.
As a personal guarantor, Dhoot had provided a guarantee for the company’s borrowing obligations. Following the company’s loan defaults, SBI pursued recovery proceedings against him under the applicable insolvency provisions.
The NCLT’s order marks a significant development in the recovery process linked to Videocon Industries’ outstanding financial liabilities. The case highlights the legal consequences that personal guarantors may face when companies default on loans backed by their guarantees.
