Mumbai, November 6: The National Company Law Tribunal (NCLT) at Mumbai on Thursday declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt, admitting a petition filed by the State Bank of India (SBI) over outstanding dues of Rs 12,668 crore, Bar and Bench reported. A bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati passed the order under Section 126 of the Insolvency and Bankruptcy Code, 2016 (IBC), in the case titled SBI vs Venugopal Dhoot.
Source: Bar and Bench
"We are satisfied that the Petition complies with all the requirements prescribed in Section 123 of the Code. Therefore, we consider it proper to admit this Petition," the tribunal said, as quoted by Bar and Bench. 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.
Source: Bar and Bench
A personal guarantor's liability
Dhoot furnished personal guarantees for credit facilities availed by Videocon Industries from SBI and its erstwhile associate banks, which later merged into SBI; the facilities included term loans and working capital, and borrowings connected with Videocon Telecommunications Limited, LiveLaw reported. SBI invoked the guarantees through demand notices dated February 2 and 20, 2018, after the group defaulted.
Source: LiveLaw
Videocon Industries itself was admitted to corporate insolvency resolution proceedings in June 2018, and those proceedings were subsequently consolidated with those of 12 other Videocon group companies, Bar and Bench reported. The bankruptcy order against Dhoot personally is a separate track: it follows the failure of his own personal insolvency process, not the company's resolution process.
The rejected Rs 600 crore plan
SBI had initiated personal insolvency proceedings against Dhoot under Section 95 of the IBC, which the NCLT admitted on April 8, 2026, commencing his personal insolvency resolution process. During those proceedings, Dhoot proposed a repayment plan offering Rs 600 crore over 36 months through a proposed real estate development project in Siliguri, Bar and Bench reported. The resolution professional found that the plan had not been prepared in consultation with him as required under the IBC; the proposed repayments depended on future development, regulatory approvals and cash flows that could not be verified, and no upfront payment was offered. The creditors consequently declined to approve the proposal.
On July 17, 2026, the NCLT rejected the repayment plan and terminated Dhoot's personal insolvency resolution process, leaving creditors free to initiate bankruptcy proceedings. SBI filed the present bankruptcy petition on September 24, 2026, and the tribunal found it was filed within the prescribed three-month period and complied with the statutory requirements, LiveLaw reported.
Source: LiveLaw
What is solid
- The NCLT Mumbai bench of Vinay Goel and Charanjeet Singh Gulati declared Venugopal Dhoot bankrupt on November 5 under Section 126 of the IBC, on SBI's petition under Section 123 (Bar and Bench, LiveLaw)
- SBI's petition put the total default, including interest and penalties, at Rs 12,668.06 crore as of September 30, 2026 (Bar and Bench, LiveLaw)
- Asish Narayan has been appointed bankruptcy trustee; Dhoot's estate vests in him immediately, Dhoot must submit his financial position within seven days, and the trustee must invite creditors' claims and file a preliminary report within 90 days (Bar and Bench, LiveLaw)
What is only claimed
- The Rs 12,668.06 crore figure is SBI's claim as recorded in its petition, as reported by Bar and Bench and LiveLaw - it is the bank's stated amount in default, not a sum separately adjudicated in this order beyond the tribunal's finding that the petition met the Code's requirements
What the order means for Dhoot
From the date of the order, Dhoot is subject to the disqualifications and restrictions under Sections 140 and 141 of the IBC, and the bankruptcy order stays in force until he is discharged under Section 138, CNBC-TV18 reported. Advocates Srideepa Bhattacharyya, Ananya Bajpai and Aman Patidar of Cyril Amarchand Mangaldas appeared for SBI.
Source: CNBC-TV18 (via TradingView)
What happens next
The bankruptcy trustee will issue a public notice inviting creditors' claims, take charge of Dhoot's estate as it vests in him, and submit a preliminary report to the tribunal and the committee of creditors within 90 days of the bankruptcy commencement date. Dhoot must submit his statement of financial position to the trustee within seven days. The order closes the personal-insolvency chapter that began in April and moves the recovery effort against one of India's best-known consumer-electronics promoters of an earlier era into formal bankruptcy administration.