NCLT Declares Videocon Promoter Venugopal Dhoot Bankrupt Over SBI Dues
· Business · LiveMint, Indian Express, Times of India
The National Company Law Tribunal in Mumbai has declared Videocon promoter Venugopal Dhoot bankrupt over dues of ₹12,668 crore claimed by the State Bank of India. The tribunal appointed Asish Narayan as the bankruptcy trustee and gave Dhoot seven days to disclose his full financial position. The order follows the failure of Dhoot's personal insolvency resolution process and the rejection of a ₹600-crore repayment plan proposed in July. Creditors had rejected the repayment proposal because it depended on an unverified real-estate project in Siliguri without offering any upfront payment. The trustee will now gather creditor claims and submit a preliminary report within 90 days.
Why it matters
State Bank of India and other lenders can now proceed with administering and distributing Venugopal Dhoot's personal bankruptcy estate under the Insolvency and Bankruptcy Code.
Read the original report — LiveMint
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