The National Company Law Tribunal (NCLT) has declared Venugopal Nandlal Dhoot, former promoter and director of Videocon Industries, bankrupt over a loan default of ₹12,668 crore owed to the State Bank of India (SBI). The Mumbai bench passed the order on Thursday and directed that Dhoot’s estate be handed over to bankruptcy trustee Ashish Narayan. The trustee will manage his assets and distribute the proceeds among creditors. The decision comes after lenders rejected Dhoot’s proposed repayment plan of ₹600 crore.
Why Has Videocon’s Former Promoter Been Declared Bankrupt?
The case is linked to personal guarantees given by Dhoot for loans taken by Videocon Industries and Videocon Telecommunications between 2010 and 2012. The companies had received term loans and working capital facilities from SBI and its associated banks. Dhoot had personally guaranteed the repayment of these loans.
However, Videocon Industries defaulted on its loan payments and entered the Corporate Insolvency Resolution Process (CIRP) in June 2018. The insolvency proceedings were later combined with those of 12 other Videocon group companies in August 2019. SBI had also issued demand notices to Dhoot in February 2018, seeking repayment under his personal guarantees.
Why Did Creditors Reject Dhoot’s ₹600 Crore Offer?
In April 2026, SBI initiated a separate personal insolvency resolution process against Dhoot after he failed to submit a repayment plan. Two months later, Dhoot proposed paying ₹600 crore over 36 months. The offer was linked to a proposed real estate development project in Siliguri.
However, the proposal covered just 0.42% of the admitted dues. The resolution professional also raised concerns about the plan’s dependence on future approvals, development work and uncertain cash flows. The proposal offered no upfront payment, making its actual recovery uncertain.
NCLT Orders Distribution Of Dhoot’s Assets
In July 2026, the NCLT rejected the repayment proposal and initiated bankruptcy proceedings over the ₹12,668 crore default, including interest and penalties. Under the latest order, Dhoot must submit details of his financial position to the bankruptcy trustee.
The trustee will issue a public notice inviting claims from creditors and oversee the administration and distribution of Dhoot’s estate under the Insolvency and Bankruptcy Code.
Sudeep Singh Rawat is a Copy Editor at NewsX Digital with over five years of experience in digital journalism. He covers national and international news, with a focus on politics, crime, technology, public affairs, and trending topics. Before joining NewsX Digital, he worked with Business Standard, The Sunday Guardian, and other digital media organisations. His reporting focuses on breaking news, enterprise stories, and explainers that inform readers through accurate, balanced, and context-driven journalism.
The post Videocon’s Venugopal Dhoot Declared Bankrupt Over Rs 12,668 Crore SBI Default, His Rs 600 Crore Repayment Plan Fails To Save Him appeared first on NewsX.