SBI’s ₹12,668-crore claim defeats Dhoot’s ₹600-crore offer in personal bankruptcy
The telling number in Videocon’s Venugopal Dhoot bankruptcy isn’t the label; it is the distance between the ₹600 crore he offered and the ₹12,668 crore that State Bank of India says he owes. The case stopped being a repayment negotiation at the moment that offer was rejected.
The National Company Law Tribunal’s Mumbai bench admitted SBI’s petition over loan defaults and declared former Videocon Industries promoter Venugopal Nandlal Dhoot bankrupt. The Hindu BusinessLine put the default at ₹12,668 crore as of September 30, 2026. Creditors had earlier rejected Dhoot’s ₹600 crore repayment plan, and the tribunal moved to bankruptcy rather than to another round of adjustment.
An offered ₹600 crore against a ₹12,668 crore claim
Dhoot was not forced into the process without a settlement card. The ₹600 crore repayment proposal is on record as the plan that creditors turned down. A fair hearing for that side of the dispute is that a promoter facing a banking claim had tried to put a number on the table, and an answer was owed to the question of whether that number could reduce the fight.
The NCLT’s answer is that it could not. Admitting SBI’s petition made the ₹12,668 crore claim the controlling fact. For Videocon’s Venugopal Dhoot, the legal track changed from how much he could pay under his own plan to what creditors could collect through a court-appointed process. The rejected ₹600 crore now reads as context, not as a substitute for the claim SBI pursued.
The trustee, the seven-day declaration and the vested estate
The tribunal appointed Asish Narayan as bankruptcy trustee and directed Dhoot to submit his full financial position within seven days. The trustee is then expected to gather claims from creditors and administer the process from controls, with the NCLT ordering that Dhoot’s estate be vested in the bankruptcy trustee and divided among creditors. Under the personal recovery route, the debtor does not keep managing the assets that the claim attaches to.
ET BFSI described the practical change for Dhoot as personal assets coming under the trustee’s control and restrictions on his business activities. The same process also frames the creditor repayment sequence, in which claims are identified, the estate is administered, and only then is a distribution worked out. That makes the seven-day financial disclosure the first hard deadline that decides how much material Narayan has to work with.
Why this is a promoter’s personal ledger, not the old company’s rescue plan
The pleading names the respondent as the former and ousted Videocon promoter, not a revived operating company promising orders, capacity or cash flow. SBI’s petition was for dues of ₹12,668 crore, and the tribunal’s remedy runs to the person behind the promoter title. That is the sharper loss for Dhoot, because the assets and business activities caught by the personal bankruptcy are the ones he can still deploy or transfer outside a company restructuring.
None of this erases the fact that Dhoot tried a ₹600 crore repayment plan. It does fix the order of events: an offer was made, creditors rejected it, SBI’s petition was admitted, and the estate was shifted to a trustee. Any future settlement now has to run through Narayan’s claims process rather than through Dhoot’s own promise.
The next concrete step is Dhoot’s seven-day disclosure of his full financial position, after which the trustee is positioned to call in creditor claims and begin dividing the vested estate.
Sources
- Videocon's Venugopal Dhoot declared bankrupt by NCLT over Rs 12,668 crore SBI loan default — Telegraph India
- Videocon’s Venugopal Dhoot declared bankrupt over Rs 12,668 crore SBI default — The Indian Express
- Ousted Videocon promoter Dhoot declared bankrupt over dues worth Rs 12,668cr — The Times of India
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