NCLT Declares Videocon’s Venugopal Dhoot Bankrupt Over Rs 12,668 Crore SBI Dues

November 6, 2026

New Delhi: The National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt for non-payment of dues of more than Rs 12,668 crore to State Bank of India (SBI). This allows for bankruptcy proceedings against Dhoot for money owed for personal guarantees of various Videocon Group companies.

A Mumbai bench of the NCLT has accepted the petition of SBI under section 123 of the Insolvency and Bankruptcy Code (IBC) because the personal debt restructuring scheme has failed as the scheme has not been accepted by the creditors.

The tribunal has also appointed Asish Narayan as bankruptcy trustee under the NCLT. The order states that the estate of Dhoot should be assigned to the trustee.

SBI has said that Dhoot owed them Rs 12,668.06 crores as of September 30.

SBI Claims 12,668 Crore From Venugopal Dhoot

The debts arose due to personal guarantees given by Dhoot for loans and lines of credit extended to different Videocon Group companies. This includes term loans, working capital lines of credit and loans made to companies like Videocon Telecommunications Ltd.

These guarantees were called upon in February 2018.

SBI thereafter pursued insolvency proceedings.

The recent NCLT order means that the lender can move forward with action against Dhoot’s estate.

Why the Repayment Scheme Was Not Accepted

Under the personal insolvency scheme Dhoot had proposed repaying the debt by paying back Rs 600 crore over three years.

This would come from a real estate project in Siliguri but this is less than 1 per cent of the debt owed. The resolution professional had pointed out that this proposal relied on future approvals for the project and so the cashflows are uncertain. There was also no lump sum paid to the creditors.

As such the repayment scheme was not accepted by the creditors.

The personal insolvency scheme was cancelled in July this year and creditors allowed to start bankruptcy proceedings.

SBI have since filed their bankruptcy petition.

NCLT Orders Trusteeship Of Dhoot’s Estate

Following the bankruptcy, the tribunal has ordered that the trustee takes control of the estate. The trustee has been asked to invite claims from creditors.

They must also produce an initial report to the tribunal within 90 days.

The case has now moved to bankruptcy and the trustee will manage the estate in line with the Insolvency and Bankruptcy Code.

The recent order from the NCLT follows the rejection of the repayment scheme and is a major step forward for SBI in recovering these debts.