Videocon promoter Venugopal Dhoot declared bankrupt over Rs 12,668 crore dues
The NCLT Mumbai bench ordered Dhoot to file his financial statement within seven days as a bankruptcy trustee takes over his estate.
The National Company Law Tribunal (NCLT) Mumbai bench has declared ousted Videocon promoter Venugopal Dhoot bankrupt over dues of Rs 12,668 crore, according to reports by The Times of India and Mint.
The bankruptcy follows a petition filed by the State Bank of India (SBI) after Dhoot failed to meet personal guarantees for credit facilities extended to Videocon Industries and Videocon Telecommunications.
The total claim of Rs 12,668.06 crore includes Rs 9,322.10 crore from a Rupee Term Loan facility, Rs 1,437.76 crore from a Videocon Telecommunications Ltd facility, and Rs 1,908.19 crore from working-capital facilities, including interest and penalties.
The tribunal appointed Asish Narayan as the bankruptcy trustee to manage the estate and distribute recoveries among creditors under the Insolvency and Bankruptcy Code (IBC).
The proceedings followed the rejection of a Rs 600-crore repayment plan proposed by Dhoot, which creditors had rejected due to concerns over its dependence on a real-estate project in Siliguri.
The NCLT bench, comprising judicial member Vinay Goel and technical member Charanjeet Singh Gulati, has directed Dhoot to submit his statement of financial position within seven days.