NCLT Declares Former Videocon Promoter Venugopal Dhoot Insolvent

The Mumbai bench of the National Company Law Tribunal (NCLT) has declared Venugopal Dhoot, former promoter and director of Videocon Industries, insolvent. The decision was taken under the Insolvency and Bankruptcy Code (IBC) following a petition filed by the State Bank of India (SBI), after Dhoot's personal insolvency resolution process and proposed repayment plan failed. Banks had raised claims in February 2018 over loan defaults linked to personal guarantees provided by Dhoot for group companies, including Videocon Industries and Videocon Telecommunications.

As part of the personal insolvency resolution process, Dhoot had proposed repaying ₹600 crore within 36 months through a real estate project in Siliguri. However, creditors rejected the proposal, citing the absence of any upfront payment and uncertainty over future repayments. Following the failure of the plan, the NCLT allowed the earlier process to be closed in July and approved full-fledged insolvency proceedings. The tribunal has appointed Ashish Narayan as the insolvency trustee and directed him to invite claims from creditors and submit an initial report within 90 days. Dhoot has also been given seven days to submit his financial details. SBI is seeking recovery of a total ₹12,668 crore through the insolvency process.