Industrialist Venugopal Dhoot, the personal guarantor to the credit facilities availed by Videocon Industries Ltd (VIL), has been declared bankrupt by the National Company Law Tribunal’s (NCLT) Mumbai Bench.
This NCLT order follows a petition filed by State Bank of India (SBI) under Section 123 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the bankruptcy process against the personal guarantor. The NCLT has admitted the bank’s petition.
Dhoot is the erstwhile promoter and director of VIL and the personal guarantor to the credit facilities availed by VIL, the corporate debtor.
As per the bank’s application to the NCLT, the total amount in default (including interest and penalties) is Rs 12,668 crore as of September 30, 2026.
SBI has proposed Asish Narayan, registered with the IBBI, as the Bankruptcy Trustee.
According to the NCLT order, the bankrupt’s estate shall vest in the Bankruptcy Trustee immediately and be divided among his creditors.
The order requires the bankrupt to submit his statement of financial position to the Bankruptcy Trustee in the prescribed form within seven days of the date of this order (November 5, 2026), which is the bankruptcy commencement date.
Further, the Bankruptcy Trustee shall send notices to the creditors within 10 days from the bankruptcy commencement date. He shall conduct the administration and distribution of the estate of the bankrupt in accordance with the provisions of Chapter V of the Code.
The Bankruptcy Trustee shall issue a public notice inviting claims from the creditors, as contemplated under Section 130(2) of the IBC, in leading newspapers, one in English and another in the vernacular, having sufficient circulation where the bankrupt resides.
The bankrupt shall, from the date of the order, be subject to such disqualifications and restrictions as are specified under Sections 140 and 141 of the Code.
Section 140 of the IBC disqualifies a bankrupt from being appointed or acting as a trustee or representative in respect of any trust, estate, or settlement; being appointed or acting as a public servant; being elected to any public office where the appointment to such office is by election; and being elected, sitting, or voting as a member of any local authority.
Section 141 of the IBC imposes restrictions on a bankrupt, whereby he/she cannot act as a director of any company, or directly or indirectly take part in, or be concerned in, the promotion, formation, or management of a company; and, without the previous sanction of the Bankruptcy Trustee, is prohibited from creating any charge on his estate or taking any further debt. He/she also cannot travel overseas without permission from the Adjudicating Authority, among other restrictions, and must disclose to concerned persons and business partners that he/she is undergoing a bankruptcy process.
The order requires the Bankruptcy Trustee to submit a preliminary report to the NCLT and the Committee of Creditors (CoC) within 90 days of the bankruptcy commencement date, and a copy of the report shall also be served on the bankrupt.
The Bankruptcy Trustee shall submit progress reports to the NCLT and the CoC within 15 days after the end of every quarter, and a copy of each report shall also be served on the bankrupt.
The Bankruptcy Trustee shall file the final report with this Adjudicating Authority, along with the application under sub-section (1) of Section 138 of the Code. This section deals with the Trustee applying to the NCLT for a discharge order on the expiry of one year from the bankruptcy commencement date, or within seven days of the CoC’s approval of the completion of administration of the bankrupt’s estate.
Published on November 6, 2026
