New Delhi, Nov. 6 -- The National Company Law Tribunal (NCLT), Mumbai, has 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 on Thursday.

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 in accordance with the Insolve...