The Mumbai bench of the National Company Law Tribunal (NCLT) has declared Venugopal Nandlal Dhoot bankrupt. Venugopal is a former promoter and director of Videocon Industries. The tribunal made this announcement while accepting the petition filed by State Bank of India (SBI).
According to SBI's petition, Videocon Industries and Videocon Telecommunications had taken a loan of Rs 12,668 crore from SBI and its associate banks. Later these associate banks were merged into SBI. Venugopal Dhoot had given personal guarantee for this loan. The total dues by September 30, 2026, including interest and penalty due to non-payment of loans by companies, increased to Rs 12,668.06 crore.
A two-member bench of NCLT appointed a bankruptcy trustee against Venugopal Dhoot. NCLT has directed the bankruptcy trustee to issue a public notice seeking loan details from all those people and banks who have to take money from Venugopal Dhoot. However, the tribunal gave Venugopal seven days time before initiating action. NCLT has said that if he is unable to repay the loan, his property will be distributed among his creditors.
Venugopal Dhoot declared bankrupt
NCLT has declared Venugopal Dhoot bankrupt in its order. NCLT said in its order, 'Here the personal guarantor Venugopal Nandlal Dhoot is declared bankrupt. The assets of the bankrupt (Venugopal Dhoot) will be distributed among his creditors. The bankrupt shall submit details of his financial position in the prescribed format to the Bankruptcy Trustee within seven days from the date of this order i.e. the date of commencement of the insolvency process.
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The bench has given 90 days time to the bankruptcy trustee. The trustee will also have to submit a preliminary report to the tribunal and the committee of creditors within three months. After this he will have to give progress report every quarter. This bench includes judicial member Vinay Goyal and technical member Charanjit Singh Gulati.
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The NCLT, in its 12-page order, said the insolvency proceedings against Dhoot will continue until he is discharged from debt under Section 138 of the Code. The case pertains to Videocon Industries Limited (VIL) which had taken loans from SBI and its former associate banks – State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur and State Bank of Patiala. The five banks were merged into State Bank of India (SBI) on 1 April 2017.
Some of these credit facilities were availed by Videocon Telecommunications Limited (VTL) as a co-borrower. However, the company failed to repay the loan. According to SBI's plea, the total outstanding amount including interest and penalty as of September 30, 2026, was Rs 12,668.06 crore.