India, April 15 -- The National Company Law Tribunal (NCLT) has directed the initiation of insolvency proceedings against Videocon's former chairman and MD Venugopal Dhoot for defaulting on loans of Rs 6,157.57 crore, as a personal guarantor of two group companies. Admitting a plea from State Bank of India (SBI), NCLT said Venugopal Dhoot has "committed defaults in repayment of loan amount" granted by the financial creditor.

"Venugopal Nandlal Dhoot, personal guarantor to Videocon Industries Ltd and Videocon Telecommunications Ltd, has also committed default in repayment of the loan facility demanded by the financial creditor after invocation of the personal guarantee," said an order passed by NCLT on April 8, uploaded on April 13 evenin...