Former Venugopal Dhoot is facing insolvency proceedings after the State Bank of India (SBI) moved the National Company Law Tribunal (NCLT) over unpaid loans worth ₹6,157.57 crore. The case relates to loans for which Dhoot had signed as a personal guarantor on behalf of Videocon Industries and Videocon Telecommunications Ltd.
The Mumbai bench of the NCLT admitted SBI’s plea and noted that Dhoot had defaulted on the repayment obligations that arose after the bank invoked his personal guarantee. This marks a major development in one of India’s long-running high-value corporate debt recovery cases linked to the Videocon Group.
According to the tribunal order dated April 8, 2026, the insolvency process has now been formally initiated under the Insolvency and Bankruptcy Code (IBC). This means Dhoot’s personal financial liabilities and repayment capacity will now come under detailed legal scrutiny.
“Ex-Videocon chairman Venugopal Dhoot faces insolvency over ₹6,157cr guaranteed loans.”~NewsBytes
NCLT Appoints Resolution Professional, Sets Timeline:
The tribunal has appointed Asish Narayan as the resolution professional to oversee the insolvency proceedings. He has been directed to issue a public notice within seven days and invite claims from all concerned parties.
Following this, the resolution professional must prepare and submit a repayment plan along with a detailed report within 21 days from the last date for submission of claims. This timeline is a crucial part of the personal insolvency framework under the IBC.
Reports suggest Dhoot attempted to challenge SBI’s claims, particularly on issues related to limitation periods and default timelines. However, the tribunal rejected these objections and clarified that the calculation of default begins from the actual date of payment failure after invocation of the guarantee.
“NCLT orders insolvency proceedings against Venugopal Dhoot as personal guarantor.”~The Economic Times
Part of Larger Videocon Debt Recovery Case:
This action is part of the broader debt recovery proceedings involving the Videocon Group, which has been under financial and legal scrutiny for several years. The group’s insolvency case has been one of the most closely watched corporate default matters in India’s banking sector.
The latest move also follows similar insolvency proceedings initiated against other members of the Dhoot family, including Dhoot’s brothers, over separate defaults worth thousands of crores.
Legal experts say this case highlights how lenders are increasingly using personal guarantee provisions to recover dues from promoters in large corporate loan defaults. The ruling could have wider implications for promoter accountability in India’s financial system.
“NCLT orders insolvency proceedings against ex-Videocon chief over ₹6,157 crore loans.”~Inshorts
Major Legal Setback for Former Videocon Chief:
The insolvency proceedings represent a significant legal setback for Dhoot, once one of India’s most prominent corporate figures in the consumer electronics and telecom sectors. With SBI intensifying recovery efforts, the focus will now shift to the repayment plan and possible resolution outcomes.
The case is expected to remain in focus as it progresses through the insolvency framework, especially given the scale of the default and the broader implications for promoter-backed guarantees in corporate lending.
