NCLT admits SBI plea, declares Dhoot bankrupt
The Mumbai bench of the National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt over default of Rs 12,668.06 crore to State Bank of India (SBI).
The tribunal has admitted SBI’s bankruptcy petition and appointed a Bankruptcy Trustee to administer the proceedings against Dhoot, who had furnished personal guarantees for loans availed by Videocon Industries and its group company Videocon Telecommunications Ltd.
“Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt,” said the two-member bench comprising Member (Judicial) Vinay Goel and Member (Technical) Charanjeet Singh Gulati in its Thursday order.
The tribunal directed the trustee to issue a public notice inviting claims from creditors and distribute the bankrupt’s estate among them. Dhoot has been asked to submit his statement of financial position within seven days of the commencement of the proceedings.
The trustee will submit a preliminary report to the tribunal and the Committee of Creditors within 90 days, followed by quarterly progress reports. According to SBI’s petition, the outstanding dues, including interest and penalties, stood at Rs 12,668.06 crore as on September 30, 2026. This included Rs 9,322.10 crore under rupee term loans, Rs 1,437.76 crore under the Videocon Telecommunications facility and Rs 1,908.19 crore under working capital facilities.
The loans were extended by SBI and its erstwhile associate banks, which merged with it in April 2017. SBI invoked Dhoot’s personal guarantees through demand notices in February 2018.
The NCLT had initiated personal insolvency resolution proceedings against Dhoot on April 8, 2026. He subsequently proposed repayment of Rs 600 crore over 36 months through a development project in Siliguri.
However, the resolution professional found the proposal dependent on future approvals and cash flows, without any upfront payment.
The tribunal rejected the plan on July 17. SBI filed the bankruptcy petition on September 24, within the prescribed three-month period.