National Company Law Tribunal (File Photo)
\n\nThe National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt in connection with outstanding loans worth Rs 12,668 crore owed to the State Bank of India (SBI). The tribunal accepted a bankruptcy petition filed by SBI after an earlier personal insolvency resolution process failed to produce an acceptable repayment arrangement. Dhoot had provided personal guarantees for credit facilities extended to Videocon Industries by SBI and several banks that subsequently merged with it.
\n\nAlong with declaring Dhoot bankrupt, the tribunal has appointed a Bankruptcy Trustee to oversee the proceedings and manage the distribution of his estate among creditors.
\n\n"Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt," said an order passed by a two-member bench of NCLT on Thursday.
\n\nFollowing its decision, the Mumbai bench instructed the Bankruptcy Trustee to issue a public notice inviting claims from creditors. The tribunal also clarified that Dhoot's estate would be distributed among those to whom he owes money.
\n\nAs part of the process, Dhoot must provide the trustee with a detailed account of his financial position within seven days of the commencement of bankruptcy proceedings.
\n\n"The…
Original source: https://www.timesnownews.com/business-economy
