SBI Seeks Recovery from Videocon; Promoter Declared Bankrupt by NCLT
What happened
The National Company Law Tribunal declared Venugopal Nandlal Dhoot, former promoter of Videocon, bankrupt. This followed a petition by State Bank of India to recover outstanding dues exceeding Rs 12,668 crore. These dues relate to personal guarantees Dhoot provided for loans extended to Videocon group companies.
From prokerala.com
Why it matters
The tribunal admitted State Bank of India's petition, allowing bankruptcy proceedings against Dhoot. The debt originated from term loans and working capital facilities provided to Videocon group entities. The ruling followed the rejection of Dhoot's proposed repayment plan, which offered Rs 600 crore over three years using real estate in Siliguri.
From prokerala.com
Who's involved
- State Bank of IndiaFiled a petition to recover outstanding dues from Videocon's promoter.
- VideoconGroup companies received loans from State Bank of India, leading to the debt.
- SiliguriLocation where real estate was proposed to facilitate repayment.
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The entities involved
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State Bank of India
Indian public sector bank and financial services organization
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Videocon
Indian Electronics Company
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