The National Company Law Tribunal (‘NCLT’) Mumbai, comprising Justice V.G. Bisht (Judicial Member) and Mr. Prabhat Kumar (Technical Member) has admitted personal insolvency application against Mr. Rajkumar Nandlal Dhoot, Promoter and Co-owner, of Videocon Industries Limited (‘VIL’).
The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) by the State Bank of India (‘SBI’) to initiate an insolvency process against Mr. Rajkumar Dhoot to recover Rs. 5,353 crores which has been defaulted by VIL.
Background Facts:
VIL had secured various facilities from SBI under several loan documents and Mr. Rajkumar Dhoot guaranteed the repayment through a Deed of Guarantee dated 08.08.2012 and a Fourth Su…
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