new delhi, Nov. 7 -- The National Company Law Tribunal (NCLT) on Thursday declared Videocon promoter Venugopal Dhoot bankrupt over dues of Rs.12,668 crore claimed by State Bank of India (SBI). "Venugopal Nandlal Dhoot, the personal guarantor herein, is declared as bankrupt," the NCLT Mumbai bench said in its order. The tribunal appointed Asish Narayan as the bankruptcy trustee and directed Dhoot to submit details of his financial position within seven days. The trustee has been directed to invite claims from creditors and submit a preliminary report within 90 days. Dhoot's bankruptcy estate will vest with the trustee, who will administer the assets and distribute the recoveries among creditors as per the Insolvency and Bankruptcy Code (IBC). The order follows the failure of Dhoot's personal insolvency resolution process, which began on 8 April after the NCLT Mumbai admitted SBI's insolvency application against him. SBI had invoked Dhoot's personal guarantees for loans taken by Videocon Industries Ltd and Videocon Telecommunications Ltd. Mint's queries to SBI and bankruptcy trustee Asish Narayan remained unanswered at the time of publication. Attempts to reach Dhoot for comment were unsuccessful. The bankruptcy proceedings followed the failure of a Rs.600-crore repayment plan Dhoot proposed during his personal insolvency process. Under the plan, creditors were to be paid over 36 months using money from a real-estate project in Siliguri. Creditors rejected the proposal, citing concerns over its dependence on the project, regulatory approvals, and uncertain future cash flows. The plan also offered no upfront payment, with repayment dependent on the successful development and monetisation of the project. The NCLT rejected the repayment plan on July 17 and terminated Dhoot's personal insolvency resolution process, allowing creditors to initiate bankruptcy proceedings. The tribunal had earlier noted that the proposed repayment mechanism was substantially dependent on "future development, approvals and cash flows that could not be verified", and that it offered nothing upfront. The origins of the personal bankruptcy proceedings date back to 2010 and 2012, when Videocon Industries and Videocon Telecommunications took various loan and working-capital facilities from SBI and other banks. Dhoot, as promoter, had furnished personal guarantees for these loans through deeds executed in those years. After the Videocon companies defaulted, SBI invoked Dhoot's personal guarantees in February 2018. Videocon Industries was subsequently admitted into corporate insolvency proceedings on June 6, 2018. SBI later issued a demand notice to Dhoot on July 23, 2020, seeking about Rs.6,157.57 crore. After the amount remained unpaid, SBI filed an application before the NCLT Mumbai in September 2020 under Section 95 of the IBC to initiate insolvency proceedings against Dhoot. SBI's total claim of Rs.12,668.06 crore comprises Rs.9,322.10 crore from the Rupee Term Loan (RTL) facility, Rs.1,437.76 crore from the Videocon Telecommunications Ltd (VTL) facility and Rs.1,908.19 crore from working-capital facilities, including interest and penalties....