NCLT Takes Action Against Videocon's Ex-Chairman for Loan Default

The National Company Law Tribunal has commenced insolvency proceedings against Venugopal Dhoot, former chairman of Videocon, for failing to repay loans amounting to Rs 6,157.57 crore, for which he was a personal guarantor. NCLT also appointed Asish Narayan as the resolution professional overseeing the process.

The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against Venugopal Dhoot, the former chairman of Videocon, due to his default on significant loan repayments. The decision follows a petition by the State Bank of India, asserting that Dhoot failed to honor loans worth Rs 6,157.57 crore as a personal guarantor.

Venugopal Dhoot's case complicates further as the Mumbai bench has appointed Asish Narayan as a resolution professional. Narayan is tasked with publicizing the tribunal's order and submitting a repayment plan within a 21-day window. This new directive underlines the failure of both Dhoot and the Videocon companies to meet their financial commitments.

Meanwhile, Dhoot's personal guarantee was invoked after non-payment by Videocon Industries and Videocon Telecommunications, leading to SBI's plea for insolvency proceedings. Despite Dhoot's arguments regarding the period of limitation and the role of SBICAP Trustee Company, NCLT has dismissed these and allowed SBI's plea.

(With inputs from agencies.)