Business/Alive News: The Mumbai Bench of the National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt over a loan default of ₹12,668 crore. The order was passed on November 5, 2026, following a petition filed by the State Bank of India (SBI).
The tribunal took this step after Dhoot’s personal insolvency resolution process failed and creditors rejected his repayment proposal. The order was passed by a bench comprising Vinay Goyal and Charanjit Singh Gulati under the Insolvency and Bankruptcy Code (IBC).
SBI invoked personal guarantees
Dhoot had personally guaranteed several loans taken by Videocon Industries, including term loans, working capital facilities and loans linked to Videocon Telecommunications Limited. SBI invoked these guarantees in February 2018 after the company failed to meet its repayment obligations.
According to the bank, the total outstanding amount, including interest and penalties, reached ₹12,668 crore as of September 30, 2026.
Creditors rejected ₹600 crore repayment proposal
Dhoot’s personal insolvency process began in April 2026. He proposed repaying ₹600 crore over 36 months through a development project in Siliguri.
However, creditors rejected the proposal because it depended on future approvals, project development and cash flows. It also did not offer any upfront payment. The resolution professional raised concerns that the plan had not been prepared in consultation with him as required under the IBC.
The NCLT rejected the repayment plan on July 17 and allowed bankruptcy proceedings to begin.
Trustee appointed to manage assets
The tribunal appointed Ashish Narayan as bankruptcy trustee. Dhoot has been directed to submit his financial details to the trustee within seven days.
The trustee will take control of his assets, invite claims from creditors and distribute the proceeds according to the provisions of the IBC. The trustee must also submit an initial report to the NCLT and creditors within 90 days.
Videocon’s insolvency case
Videocon Industries entered corporate insolvency proceedings in June 2018. In June 2021, the NCLT approved a resolution plan submitted by Twin Star Technologies Limited.
Under the bankruptcy process, Dhoot’s personal assets will be dealt with separately to recover dues covered by the proceedings.
