New Delhi, Nov. 6 -- The National Company Law Tribunal (NCLT), Mumbai bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt in connection with loan defaults amounting to Rs 12,668 crore owed to the State Bank of India (SBI). The tribunal admitted SBI's bankruptcy petition against Dhoot, who had provided personal guarantees for credit facilities extended to Videocon Industries and its group entity.
A two-member NCLT bench also appointed a Bankruptcy Trustee to oversee the proceedings. The tribunal directed the trustee to issue a public notice inviting claims from Dhoot's creditors and stated that his estate, comprising his assets and properties, would be distributed among them in accordance wi...