Who is Venugopal Dhoot? Former Videocon promoter declared ‘bankrupt’ by NCLT Mumbai bench over ₹12,668-cr SBI default
Mint · Garvit Bhirani ·
The NCLT Mumbai bench declared former Videocon Industries promoter Venugopal Dhoot ‘bankrupt’ after accepting SBI’s petition over loan defaults of ₹12,668 crore. A bankruptcy trustee will administer the proceedings.
The National Company Law Tribunal (NCLT)'s Mumbai bench has accepted a bankruptcy petition filed by the State Bank of India (SBI) against former Videocon Industries promoter and director Venugopal Nandlal Dhoot, declaring him “bankrupt” over loan defaults totalling ₹12,668 crore, according to PTI.The tribunal has named a Bankruptcy Trustee to administer the proceedings. Dhoot had stood as a personal guarantor for credit facilities extended to Videocon Industries by SBI and its erstwhile associate banks, which were subsequently amalgamated with the lender."Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt," stated an order issued by a two-member bench of the NCLT on Thursday.The tribunal has asked the appointed Bankruptcy Trustee to issue a public notice seeking claims from Dhoot's creditors. It further specified that the “estate (property) of the bankrupt (Dhoot) shall be divided among his creditors.”Under the directions issued by the tribunal, Dhoot must provide the Bankruptcy Trustee with a statement detailing his financial position within seven days of the commencement of the bankruptcy process."The Bankrupt (Dhoot) shall submit his statement of financial position to the Bankruptcy Trustee in the prescribed form within seven days from the date of this order, i.e. the bankruptcy commencement date," the order stated.Who is Venugopal Dhoot?Venugopal Dhoot, 75, is an Indian businessman and the founder, chairman and managing director of Videocon Industries. Born in Mumbai on 30 September 1951, he studied at the College of Engineering, Pune.Dhoot is married to Rama Dhoot and has two children, Anirudh Dhoot and Surbhi Dhoot. He was arrested by the Central Bureau of Investigation (CBI) on 26 December 2022 in connection with the ICICI Bank fraud case.
Bankruptcy trustee to submit report within 90 days
Meanwhile, the Bankruptcy Trustee has also been directed to file an initial report before the tribunal and the Committee of Creditors within 90 days, followed by progress reports every quarter, according to the order passed by a bench comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati.