The National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter Venugopal Dhoot bankrupt after admitting a petition filed by the State Bank of India (SBI) over outstanding dues of Rs 12,668 crore.

The Mumbai bench passed the order on 05 November 2026 after Dhoot’s proposed repayment plan was rejected by creditors. The bankruptcy proceedings relate to personal guarantees he had provided for loans taken by Videocon Industries and its group companies.

SBI had initiated personal insolvency proceedings against Venugopal Dhoot in April 2026. During the process, he proposed a repayment plan of Rs 600 crore over 36 months.

The proposal was linked to a planned real estate project in Siliguri. However, the resolution professional found that the plan was not prepared in consultation with him and depended on future approvals and cash flows that could not be verified. Creditors subsequently rejected the proposal.

The NCLT has appointed Asish Narayan as the bankruptcy trustee. Venugopal Dhoot’s estate will now vest with the trustee, who will administer and distribute the assets among creditors according to the Insolvency and Bankruptcy Code.

Dhoot has also been directed to submit his statement of financial position within seven days. The trustee will invite claims from creditors and submit a preliminary report within 90 days.

The order marks a major development in the long running Videocon debt case. The recovery process will now depend on the value of Dhoot’s estate and the distribution of available assets among creditors.

Want to look beyond tips and market noise? Explore market sentiment, money flows and research-backed trade ideas—all in one app. Download Intraday Traders by EquityPandit and stay informed. https://idt.equitypandit.in/