The National Company Law Tribunal (NCLT) in Mumbai declares former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt, after admitting a petition by State Bank of India (SBI) relating to outstanding dues of ₹12,668 crore. The NCLT rejects Dhoot’s earlier proposed repayment plan of ₹600 crore, and appoints Asish Narayan as bankruptcy trustee to administer his estate for creditor distribution.

The bankruptcy stems from defaults on loans for Videocon Industries and its related entities, where Dhoot provided personal guarantees to SBI and other lending banks. After defaults, lenders invoked those guarantees, and insolvency proceedings were initiated for the corporate entities, with SBI also pursuing action against Dhoot separately as a personal guarantor.

Different outlets focus on distinct procedural details. Mint highlights that Dhoot is given seven days to disclose his full financial position and that the trustee must submit a preliminary report within 90 days. Free Press Journal and NDTV emphasize the ₹600 crore repayment proposal tied to a proposed real estate project in Siliguri, which creditors rejected and which the tribunal proceedings treated as insufficient under the insolvency process.