NCLT declares Videocon's Venugopal Dhoot bankrupt in SBI's Rs 1.26 lakh cr claim
The Economic Times · Kailash Babar and Maulik Vyas ·
The NCLT has declared former Videocon promoter Venugopal Dhoot bankrupt in proceedings initiated by SBI over personal guarantees for loans extended to the Videocon group. The order follows the rejection of his Rs 600 crore repayment proposal, which creditors found contingent on a proposed real estate project in Siliguri.
The order follows the rejection of Dhoot's repayment proposal involving a real estate development project in Siliguri, through which he had offered to repay Rs 600 crore over 36 months. The proposal, representing 0.42% of the admitted dues, was rejected after creditors found it contingent on future development, regulatory approvals and cash flows.
A Mumbai bench of the tribunal, comprising judicial member Vinay Goel and technical member Charanjeet Singh Gulati, passed the order on Thursday, after finding that SBI's application complied with the requirements under Section 123 of the Insolvency and Bankruptcy Code.
The total amount in default, including interest and penalties, stood at Rs 1,26,680 crore as of September end, according to the application. The outstanding comprises Rs 93,221 crore under rupee term loan facilities, Rs 14,378 crore under facilities originally extended to Videocon Telecommunications and Rs 19,082 crore under working capital facilities.
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