The National Company Law Tribunal (NCLT) in Mumbai has admitted the State Bank of Indias application to initiate personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot, promoter & co-owner of the diversified Videocon Group, for a Rs 5,353-crore default by the groups flagship company Videocon Industries Ltd. Dhoot was a personal guarantor against these loans.
The tribunal has also directed the resolution professional Ashish Narayan to issue a public notice to invite claims from all creditors.
It is established that the corporate debtor (Videocon Industries) has committed defaults in repayment of loan amount granted by the financial creditor (SBI), observed the division bench of judicial member VG Bisht and technical membe…
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