NCLT Mumbai Declares Videocon Promoter Venugopal Dhoot Bankrupt Over ₹12,668 Cr Default To SBI

The National Company Law Tribunal at Mumbai (NCLT) on Thursday declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt over a default of approximately ₹12,668 crore owed to the State Bank of India in his capacity as a personal guarantor to the company's credit facilities.

A bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati passed the order while allowing a bankruptcy petition filed by SBI under Section 123 of the Insolvency and Bankruptcy Code, 2016.

Venugopal Dhoot had furnished personal guarantees for credit facilities availed by Videocon Industries from SBI and its erstwhile associate banks which merged with SBI. These included term loans and working capital facilities.

SBI invoked the guarantees through demand notices dated February 2 and 20, 2018. According to SBI's petition, the total amount in default, including interest and penalties stood at ₹12,668.06 crore as on September 30, 2026, comprising ₹9,322.10 crore under the RTL facility, ₹1,437.76 crore under the VTL facility and ₹1,908.19 crore under the working capital facility.

Previously, SBI had initiated personal insolvency proceedings against Dhoot under Section 95 of the Code. The NCLT admitted the proceedings on April 8, 2026. Dhoot then proposed a repayment plan offering ₹600 crore over 36 months, linked to a proposed Siliguri development project.

The creditors rejected the proposal, following which the NCLT terminated the personal insolvency resolution process on July 17, 2026. SBI filed the present bankruptcy petition on September 24, 2026.

Holding that SBI's petition complied with all the requirements prescribed under the Code, the Tribunal appointed insolvency professional Asish Narayan as Bankruptcy Trustee and directed him to administer and distribute Dhoot's estate among creditors.

Dhoot was directed to submit his statement of financial position within seven days. The Trustee must issue a public notice inviting creditors' claims and submit a preliminary report within 90 days.

For the Petitioner: Advocates Srideepa Bhattacharyya, Ananya Bajpai, Aman Patidar i/b Cyril Amarchand Mangaldas