NCLT has declared former Videocon promoter Venugopal Nandlal Dhoot bankrupt over Rs. 12,668.06 crore in SBI dues. The Mumbai bench passed the order on November 5, 2026, admitting SBI’s petition against Dhoot as personal guarantor. The ruling places Dhoot’s personal estate under bankruptcy administration and gives creditors a formal route to seek recovery.
The tribunal appointed insolvency professional Asish Narayan as bankruptcy trustee to oversee the process and distribute Dhoot’s estate. Dhoot must submit his statement of financial position to the trustee within seven days of the bankruptcy commencement date. The trustee must issue a public notice inviting creditor claims and prepare an initial report for the tribunal.
The report must reach the NCLT and the Committee of Creditors within 90 days, followed by quarterly progress updates. Bankruptcy proceedings will continue until Dhoot receives discharge under Section 138 of the Insolvency and Bankruptcy Code.
SBI’s petition records defaulted dues of Rs. 12,668.06 crore, including interest and penalties, as of September 30, 2026. Rupee term loans account for Rs. 9,322.10 crore, while Videocon Telecommunications facilities add Rs. 1,437.76 crore. Working capital facilities make up the remaining Rs. 1,908.19 crore in SBI’s total claim against Dhoot.
Dhoot had personally guaranteed loans that Videocon Industries obtained from SBI and its former associate banks. The bankruptcy order follows the collapse of Dhoot’s personal insolvency resolution process, which NCLT began in April 2026.
In June, Dhoot offered Rs. 600 crore over 36 months through a proposed development project in Siliguri. The offer covered just 0.42% of admitted dues and relied on future approvals and uncertain project cash flows. The resolution professional flagged the lack of upfront payment and said the proposal lacked required consultation.
NCLT rejected the repayment plan on July 17, ending the resolution process and paving the way for bankruptcy proceedings. SBI filed its bankruptcy petition on September 24, within the period prescribed under the Insolvency and Bankruptcy Code.
The tribunal said, 'We are satisfied that the Petition complies with all the requirements prescribed in Section 123 of the Code.' The case concerns Dhoot’s personal guarantees and remains separate from Videocon Industries’ corporate insolvency proceedings.
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