• NCLT Mumbai declared former Videocon promoter Venugopal Dhoot bankrupt.
• SBI’s outstanding dues were pegged at Rs 12,668.06 crore.
• Creditors rejected Dhoot’s proposed Rs 600-crore repayment plan.
• Insolvency professional Asish Narayan was appointed bankruptcy trustee.

GG News Bureau
Mumbai, 6th Nov: The National Company Law Tribunal (NCLT), Mumbai, has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt over outstanding dues of Rs 12,668.06 crore to the State Bank of India (SBI). The Venugopal Dhoot bankruptcy order follows the rejection of his proposed repayment plan by creditors, bringing his personal insolvency resolution process to an end.

A bench comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati passed the order on November 5, admitting SBI’s bankruptcy petition under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016.

The tribunal said it was satisfied that the petition fulfilled the requirements prescribed under the law and considered it appropriate to admit the plea.

The NCLT appointed insolvency professional Asish Narayan as the bankruptcy trustee and directed that Dhoot’s estate vest in him immediately for administration and distribution among creditors.

According to SBI’s petition, the outstanding amount, including interest and penalties, stood at Rs 12,668.06 crore as of September 30, 2026.

Personal guarantees and loan defaults
Dhoot had provided personal guarantees for credit facilities extended to Videocon Industries by SBI and its erstwhile associate banks. These included rupee term loans, facilities originally extended to Videocon Telecommunications Ltd. (VTL) and working capital borrowings.

Following defaults, SBI invoked the personal guarantees through demand notices issued on February 2 and February 20, 2018.

The outstanding dues comprised Rs 9,322.10 crore under the rupee term loan facility, Rs 1,437.76 crore under the VTL facility and Rs 1,908.19 crore under the working capital facility.

Videocon Industries entered the corporate insolvency resolution process on June 6, 2018, following a petition filed by SBI. The proceedings were later consolidated with those of 12 other Videocon group companies.

The NCLT approved Twin Star Technologies Ltd.’s resolution plan for the group on June 8, 2021. Dhoot challenged the approval before the National Company Law Appellate Tribunal, which dismissed his appeal on January 5, 2022.

Repayment proposal rejected by creditors
SBI subsequently initiated personal insolvency proceedings against Dhoot under Section 95 of the IBC. The NCLT admitted the application on April 8, 2026, and commenced his personal insolvency resolution process.

During the proceedings, Dhoot proposed repayment of Rs 600 crore over 36 months through a proposed real estate development project in Siliguri.

However, the resolution professional found that the proposal had not been prepared in consultation with him, as required under Section 105 of the IBC. The proposed repayments also depended on future development, regulatory approvals and cash flows that could not be verified. The plan did not provide for any upfront payment.

Creditors consequently declined to approve the proposal. On July 17, 2026, the NCLT rejected the repayment plan under Section 114 of the Code and terminated Dhoot’s personal insolvency resolution process. It also allowed creditors to initiate bankruptcy proceedings.

SBI filed the present bankruptcy petition on September 24, within the prescribed three-month period following the termination of the resolution process.

Trustee directed to administer Dhoot’s estate
Under the latest order, Dhoot has been directed to submit his statement of financial position to the bankruptcy trustee within seven days.

The trustee must notify creditors within 10 days, issue a public notice inviting claims and administer and distribute Dhoot’s estate among creditors in accordance with the IBC.

Narayan is also required to submit a preliminary report to the tribunal and the committee of creditors within 90 days of the bankruptcy commencement date. Quarterly progress reports must be filed thereafter.

Advocates Srideepa Bhattacharyya, Ananya Bajpai and Aman Patidar of Cyril Amarchand Mangaldas appeared for SBI in the proceedings.