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NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee

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NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee

NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee

The Tribunal, comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati, passed the bankruptcy order on November 5 under the Insolvency and Bankruptcy Code (IBC).

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Mumbai: The National Company Law Tribunal ( NCLT ), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt on a petition filed by the State Bank of India ( SBI ) after the failure of his personal insolvency resolution process and repayment plan.

The Tribunal, comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati, passed the bankruptcy order on November 5 under the Insolvency and Bankruptcy Code (IBC).

The NCLT noted that SBI had initiated bankruptcy proceedings against Dhoot in his capacity as a personal guarantor for credit facilities availed by Videocon Industries Limited (VIL).

According to the order, Dhoot, the erstwhile promoter and director of Videocon Industries, had executed personal guarantees in relation to various credit facilities extended to the company. The facilities included term loans, facilities relating to Videocon Telecommunications Limited and working capital loans.

The Tribunal recorded that the guarantees were invoked by the lenders in February 2018. 57 crore under the working capital facilities, along with applicable interest and other amounts.



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