Who is Venugopal Dhoot? Former Videocon promoter declared ‘bankrupt’ by NCLT Mumbai bench over ₹12,668-cr SBI default
The National Company Law Tribunal (NCLT)'s Mumbai bench has accepted a bankruptcy petition filed by the State Bank of India (SBI) against former Videocon Industries promoter and director Venugopal Nandlal Dhoot, declaring him “bankrupt” over loan defaults totalling ₹12,668 crore, according to PTI.
The tribunal has named a Bankruptcy Trustee to administer the proceedings. Dhoot had stood as a personal guarantor for credit facilities extended to Videocon Industries by SBI and its erstwhile associate banks, which were subsequently amalgamated with the lender.
"Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt," stated an order issued by a two-member bench of the NCLT on Thursday.
The tribunal has asked the appointed Bankruptcy Trustee to issue a public notice seeking claims from Dhoot's creditors. It further specified that the “estate (property) of the bankrupt (Dhoot) shall be divided among his creditors.”
Under the directions issued by the tribunal, Dhoot must provide the Bankruptcy Trustee with a statement detailing his financial position within seven days of the commencement of the bankruptcy process.
"The Bankrupt (Dhoot) shall submit his statement of financial position to the Bankruptcy Trustee in the prescribed form within seven days from the date of this order, i.e. the bankruptcy commencement date," the order stated.
Venugopal Dhoot, 75, is an Indian businessman and the founder, chairman and managing director of Videocon Industries. Born in Mumbai on 30 September 1951, he studied at the College of Engineering, Pune.
Dhoot is married to Rama Dhoot and has two children, Anirudh Dhoot and Surbhi Dhoot. He was arrested by the Central Bureau of Investigation (CBI) on 26 December 2022 in connection with the ICICI Bank fraud case.
Meanwhile, the Bankruptcy Trustee has also been directed to file an initial report before the tribunal and the Committee of Creditors within 90 days, followed by progress reports every quarter, according to the order passed by a bench comprising Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati.
The NCLT said the bankruptcy proceedings against Dhoot "shall continue to have effect till the debtor is discharged under Section 138 of the Code," as stated in its 12-page order.
The case relates to loans taken by Videocon Industries Ltd (VIL) from SBI and its erstwhile associate banks, including State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State Bank of Patiala. Videocon Telecommunications Ltd (VTL) had also received a portion of the credit facilities as a co-obligor.
The companies subsequently defaulted on their repayment obligations. According to SBI's petition, the outstanding default, including interest and penalties, stood at ₹12,668.06 crore as of 30 September this year.
The total amount comprised ₹9,322.10 crore under the rupee term loan facility, ₹1,437.76 crore under the VTL facility and ₹1,908.19 crore under the working capital facility.
Dhoot had personally guaranteed the loans extended to Videocon Industries by SBI and its former associate banks, which were merged with SBI in April 2017. The lender invoked these personal guarantees by issuing demand notices in February 2018.
The NCLT had initiated personal insolvency resolution proceedings against Dhoot on 8 April 2026. During the process, he submitted a repayment proposal on 16 June 2026, offering to pay ₹600 crore over 36 months through a proposed development project in Siliguri. The proposed amount represented just 0.42% of the admitted dues.
However, the resolution professional raised concerns that the proposal depended on future project approvals and cash flows and did not provide for any upfront payment. He also observed that the repayment plan had not been formulated in consultation with him, as mandated under Section 105 of the Code, and remained dependent on future development, regulatory approvals and cash flows.
The tribunal dismissed Dhoot's repayment proposal on 17 July under Section 114 of the Code and brought the personal insolvency resolution process to an end. Subsequently, SBI moved the bankruptcy petition on 24 September, within the three-month period stipulated under Section 121(2).
While accepting the lender's plea, the NCLT observed: "We are satisfied that the Petition complies with all the requirements prescribed in Section 123 of the Code. Therefore, we consider it proper to admit this Petition."
The order, which notes that Dhoot was not represented during the proceedings, also instructed the Bankruptcy Trustee to "submit to this Adjudicating Authority (NCLT) and the Committee of Creditors (CoC) a preliminary report within 90 days of the bankruptcy commencement date."
Garvit Bhirani is a journalist based in Gurugram. He is a Deputy Chief Content Producer at LiveMint, where he covers national and international news stories, focusing on accuracy and compelling storytelling for readers. <br><br> With a total of six years of experience in journalism, he has previously worked with Vaco Binary Semantics for Google, taking on the role of news curation lead, and reported from the field on health, education, and agriculture stories for 101reporters and News9. He has also served as a content editor for entertainment and news media organisations. <br><br> Garvit holds bachelor’s and master’s degrees in journalism and mass communication from Guru Gobind Singh Indraprastha University and Gurugram University, respectively. During college days, he joined India’s only non-profit student journalism network, where he anchored daily news updates and produced his own weekly show called ‘Data Fix’. <br><br> He was selected for the YES Foundation Media for Social Change Fellowship in Delhi, the Talking Data to the Fourth Pillar residential workshop, and the VOICE Fellowship in Pune. <br><br> He holds certificates in COVID-19-verification reporting, data journalism, food & agriculture, tech policy, media literacy and countering misinformation, and tackling election disinformation courses from Thomson Foundation, IndiaSpend, The Dialogue, US Mission in India, and AFP. <br><br> He can be reached on <a href="https://www.linkedin.com/in/garvit-bhirani">LinkedIn</a> or on <a href="https://x.com/GarvitBhirani">@garvitbhirani</a> on X
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