The National Company Law Tribunal at Mumbai has declared former Videocon Industries promoter Venugopal Dhoot bankrupt, admitting the State Bank of India’s petition over personal guarantees backing more than Rs 12,668 crore in group loans.
Mumbai: The National Company Law Tribunal (NCLT), Mumbai Bench, on November 5, 2026, declared Venugopal Nandlal Dhoot, the erstwhile promoter and director of Videocon Industries Limited, bankrupt under Section 126 of the Insolvency and Bankruptcy Code, 2016 (IBC), on a petition by the State Bank of India (SBI) claiming Rs 12,668.06 crore as on September 30, 2026 [State Bank of India v. Venugopal Nandlal Dhoot].
A Bench of Vinay Goel, Member (Judicial), and Charanjeet Singh Gulati, Member (Technical), admitted Company Petition (IB) No. 1015 of 2026, appointed Asish Narayan as the Bankruptcy Trustee and directed that Dhoot’s estate vest in him immediately for division among creditors.
The Tribunal’s finding
After going through the petition in Form B and its annexures, including the three deeds of guarantee, earlier orders, the creditors’ meeting minutes, bank statements and the trustee’s consent, the Tribunal recorded:
“We are satisfied that the Petition complies with all the requirements prescribed in Section 123 of the Code. Therefore, we consider it proper to admit this Petition.”
The first of its directions was direct:
“Mr. Venugopal Nandlal Dhoot, the Personal Guarantor herein, is declared as Bankrupt.”
The Tribunal also found that the petition, filed on September 24, 2026, was within the three-month window under Section 121(2) of the IBC, counted from its July 17, 2026 order terminating Dhoot’s personal insolvency resolution process.
The loans and the guarantees
According to the order, Videocon Industries Limited (VIL) took credit facilities from SBI and its former associate banks, State Bank of Hyderabad, Mysore, Travancore, Bikaner and Jaipur and Patiala, which merged into SBI from April 1, 2017. These included a Rs 2,972 crore rupee term loan of August 2012, rupee term loans of Rs 1,700 crore originally given to Videocon Telecommunications Limited that VIL took over as co-obligor in June 2016, and working capital facilities under a consortium agreement.
Dhoot executed deeds of personal guarantee for all three sets of facilities. SBI invoked them through demand notices in February 2018 for about Rs 3,171.37 crore, Rs 676.91 crore and Rs 795.57 crore respectively. As of September 30, 2026, SBI put the total default, including interest and penalties, at Rs 12,668.06 crore: about Rs 9,322 crore under the term loan, Rs 1,437 crore under the telecom facility and Rs 1,908 crore under the working capital agreement.
From corporate insolvency to personal bankruptcy
VIL was admitted into corporate insolvency on June 6, 2018. The process was consolidated with 12 other Videocon group companies in August 2019, and the Twin Star Technologies resolution plan was approved on June 8, 2021. Dhoot’s appeal against it was dismissed by the NCLAT on January 5, 2022.
Separately, on SBI’s application under Section 95 of the IBC, the Tribunal appointed Asish Narayan as resolution professional in September 2021 and admitted the personal insolvency resolution process against Dhoot on April 8, 2026.
Why the Rs 600 crore repayment plan failed
On June 16, 2026, shortly before an adjourned creditors’ meeting, Dhoot submitted a combined repayment plan offering Rs 600 crore over 36 months through a proposed real estate development at Siliguri. The petition described this as about 0.42 percent of admitted dues.
The resolution professional reported that the plan had not been prepared in consultation with him as Section 105 requires, that repayment depended on future development, approvals and cash flows that could not be verified, and that nothing was offered upfront. The creditors decided to seek closure of the process. On July 17, 2026, the Tribunal rejected the plan under Section 114, terminated the process and left creditors free to seek bankruptcy.
Directions to the bankrupt and the trustee
Dhoot must submit his statement of financial position to the trustee within seven days, and is subject from the date of the order to the disqualifications and restrictions in Sections 140 and 141 of the IBC. The trustee must notify creditors within 10 days, publish a public notice inviting claims in an English and a vernacular newspaper, file a preliminary report within 90 days and quarterly progress reports after that. SBI was directed to make an ad hoc payment of Rs 2 lakh to the trustee. The bankruptcy order will operate until Dhoot is discharged under Section 138.
Why the order matters
The order carries a promoter-guarantor through the IBC’s Part III framework to its final stage. It shows the full route lenders can take: corporate insolvency of the borrower, a personal insolvency process against the guarantor, and, if no compliant repayment plan emerges, bankruptcy with the guarantor’s estate handed to a trustee. It also signals that contingent, project-dependent offers made without the resolution professional’s involvement will not hold off that outcome.
Case Title: State Bank of India v. Venugopal Nandlal Dhoot
Case No.: C.P. (IB) No. 1015 (MB) of 2026
Bench: Vinay Goel, Member (Judicial), and Charanjeet Singh Gulati, Member (Technical), NCLT Mumbai Bench, Court V
Date of Order: November 5, 2026
Appearances: Advocates Srideepa Bhattacharyya, Ananya Bajpai and Aman Patidar, instructed by Cyril Amarchand Mangaldas, for SBI; none recorded for the respondent
