The NCLT has declared former Videocon promoter Venugopal Dhoot bankrupt after admitting SBI's petition to recover Rs 12,668 crore in dues linked to personal loan guarantees. The decision follows creditors rejecting his proposed Rs 600 crore repayment plan
The Supreme Court agreed to hear Videocon founder Venugopal Dhoot's plea challenging an NCLAT order that upheld separate insolvency proceedings for Videocon Industries and Videocon Oil Ventures. The court issued notice and scheduled the matter for further hearing on August 10
The NCLT has initiated insolvency proceedings against Videocon’s former chairman Venugopal Dhoot as a personal guarantor for loan defaults worth Rs 6,157.57 crore. The tribunal admitted SBI’s plea and appointed a resolution professional to oversee the process
The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI, they said.
The Dhoot family -- erstwhile promoters of the group -- expects a final decision on the settlement offer by the end of this year, provided the lenders and the National Company Law Tribunal (NCLT) agree to it.
