The National Company Law Tribunal issued the bankruptcy declaration due to unpaid dues amounting to Rs 12,668 crore, an amount that incorporates accumulated interest and penalties. Following the decision from the Mumbai bench, Dhoot must hand over his complete statement of financial position within a strict seven-day window. To oversee the resolution process, the tribunal appointed Asish Narayan as the bankruptcy trustee responsible for administering Dhoot's personal estate.
Key points
Dhoot represents one of the highest-profile individuals declared bankrupt since the intro…: Dhoot represents one of the highest-profile individuals declared bankrupt since the introduction of the Insolvency and Bankruptcy Code.
The outstanding dues of Rs 12,668 crore encompass the underlying debts alongside accrued…: The outstanding dues of Rs 12,668 crore encompass the underlying debts alongside accrued interest and regulatory penalties.
The ruling reflects a dramatic reversal for an industrialist who expanded from an auto de…: The ruling reflects a dramatic reversal for an industrialist who expanded from an auto dealership to a consumer durables empire.
Sources checked by our analysis pipeline: 1
NEW DELHI: From a Bajaj Auto dealership in Maharashtra to one of the largest consumer durable companies in the country, life has come full circle for Videocon Industries' ousted promoter
Venugopal Dhoot who was declared bankrupt by National Company Law Tribunal (NCLT) a day before Dhanteras, reports Amit Anand Choudhary.
Dhoot is one of the most high-profile individuals to be declared bankrupt under the decade-old
Insolvency and Bankruptcy Code, with the Mumbai bench of NCLT directing him to file his statement of financial position within seven days with the bankruptcy trustee Asish Narayan, who will manage his estate.
A bench of judicial member Vinay Goel and technical member Charanjeet Singh Gulati declared Dhoot bankrupt over dues of Rs 12,668 crore, including interest and penalty, as he had given a personal guarantee for credit facilities extended to Videocon Industries and borrowings connected with Videocon Telecommunications. The petition was filed by State Bank of India.
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