The National Company Law Tribunal’s Mumbai bench has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt over outstanding debt of Rs 12,668.06 crore owed to the State Bank of India and its consortium of lenders.
The tribunal accepted SBI’s bankruptcy application filed under Section 121 of the Insolvency and Bankruptcy Code. The order followed the failure of Dhoot’s personal insolvency resolution process, after creditors rejected a proposal to settle the outstanding liabilities by paying Rs 600 crore over 36 months.
The tribunal appointed insolvency professional Ashish Narayan as the bankruptcy trustee responsible for managing and distributing Dhoot’s personal assets. Under the directions reported by Aaj Tak Business, Dhoot’s entire property is now under the trustee’s control.
The trustee has been directed to issue a public notice inviting claims from creditors and submit an initial report to the tribunal within 90 days. Dhoot has also been ordered to provide the trustee with a complete statement of his financial position within seven days.
According to SBI’s filing, the total outstanding amount stood at Rs 12,668.06 crore as of September 30, 2026. The amount includes Rs 9,322.10 crore under a rupee term-loan facility, Rs 1,437.76 crore linked to Videocon Telecommunications Ltd and Rs 1,908.19 crore under working-capital facilities.
Dhoot had provided personal guarantees for credit facilities extended to Videocon Industries Ltd and Videocon Telecommunications Ltd. The lenders’ action against him followed defaults in the loan accounts after financial stress affected companies in the Videocon group.
Corporate insolvency proceedings against Videocon Industries began in June 2018. SBI subsequently pursued Dhoot under the personal guarantees attached to the group companies’ borrowing and approached the NCLT to recover the outstanding amount.
The case now moves into the bankruptcy administration stage, with the trustee required to identify and manage the personal assets covered by the tribunal’s order, invite creditor claims and submit the initial report within the prescribed 90-day period.
