NCLT India: The National Company Law Tribunal (NCLT) has ordered initiation of personal insolvency proceedings against former Videocon Chairman and Managing Director Venugopal Dhoot in a loan default case of Rs 6,157.57 crore.
The Mumbai bench of NCLT, while accepting the petition filed by State Bank of India (SBI), said that Dhoot has defaulted in repaying the loan as personal guarantor of Videocon Industries Limited and Videocon Telecommunications Limited.
The Tribunal was satisfied that the corporate debtor (Videocon) has defaulted in repayment of the loan amount given by the financial lender and the personal guarantors have also failed in repayment.
A bench of Chairman Justice Ashok Bhushan and Member (Technical) Barun Mitra said, “We do not find any solid ground to interfere with the orders dated June 4, 2024 and June 14, 2024.” Both the appeals are dismissed.