The National Company Law Tribunal's Mumbai bench declared former Videocon promoter Venugopal Dhoot bankrupt on Thursday, November 5, 2026, admitting State Bank of India's petition against him in his capacity as personal guarantor to loans taken by Videocon Industries. According to reports from CNBC TV18, the order was pronounced by a bench of Vinay Goel and Charanjeet Singh Gulati, with Asish Narayan appointed as bankruptcy trustee. The tribunal passed the order under Section 126 of the Insolvency and Bankruptcy Code, 2016, stating that it was satisfied the petition complied with all requirements prescribed in Section 123 of the Code. As per ET Now, the proceedings relate to personal guarantees provided by Dhoot for credit facilities extended to the Videocon Group, with SBI and other banks having extended term loans and working capital facilities to the group.
As reported by CNBC TV18, SBI has put the total amount in default, including interest and penalties, at ₹12,668.06 crore as of September 30, 2026. The debt composition includes ₹9,322.10 crore from a 2012 rupee term loan, ₹1,437.76 crore from loans originally taken by Videocon Telecommunications, and ₹1,908.19 crore from working capital facilities. Dhoot had signed personal guarantees on all three loan categories, with the tribunal holding that the clock for a personal guarantor starts from his own default on the guarantee, not the borrower's. According to ET Now, following defaults on loan repayments, lenders invoked Dhoot's personal guarantees in February 2018 through demand notices issued on February 2 and 20, 2018. The proceedings arose from personal guarantees furnished by Dhoot for credit facilities extended to Videocon Industries and borrowings connected with Videocon Telecommunications Limited, with SBI and its erstwhile associate banks having extended term loans and working capital facilities to the Videocon group.
As reported by CNBC TV18, in June, Dhoot submitted a repayment plan offering ₹600 crore over 36 months, tied to a proposed real estate development in Siliguri. However, the resolution professional found that the plan had not been prepared in consultation with him, as required under the IBC, and the proposed repayments were dependent on future development, regulatory approvals and cash flows that could not be verified with no upfront payment offered. On July 17, 2026, the NCLT rejected the repayment plan and terminated Dhoot's personal insolvency resolution process, allowing creditors to initiate bankruptcy proceedings. SBI subsequently filed the present bankruptcy petition on September 24, 2026, within the prescribed three-month period from the tribunal's order terminating the resolution process. The amount represented approximately 0.42% of the admitted dues, according to the tribunal order, with creditors consequently declining to approve the plan.
According to the CNBC TV18 report, Dhoot's estate will vest in the trustee immediately and be distributed among his creditors. He has 7 days to submit a statement of his financial position to the bankruptcy trustee, while Narayan must notify creditors within 10 days, issue a public notice inviting claims, and administer and distribute Dhoot's estate among creditors in accordance with the IBC. The trustee must submit a preliminary report to the tribunal and the committee of creditors within 90 days of the bankruptcy commencement date and file quarterly progress reports thereafter. From the date of the order, Dhoot is subject to disqualifications and restrictions under Sections 140 and 141 of the Insolvency and Bankruptcy Code, including a bar on acting as a director or taking part in company management and limits on taking credit. The tribunal found that the petition was filed within the prescribed three-month period and complied with statutory requirements.
According to CNBC TV18, SBI has also moved personal insolvency proceedings against his brothers, who are also Videocon promoters, and the NCLAT has dismissed their appeals against admission. Separately, Dhoot is an accused in the ICICI Bank loan case, with the CBI arresting him in December 2022 over alleged irregularities in a ₹3,250 crore loan Videocon got from ICICI Bank in 2012. He later received interim bail from the Bombay High Court. Videocon Industries was admitted to corporate insolvency resolution proceedings on June 6, 2018, following a petition filed by SBI, with the proceedings subsequently consolidated with those of 12 other Videocon group companies. The NCLT approved Twin Star Technologies' resolution plan for the group on June 8, 2021, with Dhoot challenging the approval before the National Company Law Appellate Tribunal, which dismissed his appeal on January 5, 2022. Advocates Srideepa Bhattacharyya, Ananya Bajpai and Aman Patidar of Cyril Amarchand Mangaldas appeared for SBI during the proceedings.
