Ousted Videocon promoter Dhoot declared bankrupt over dues worth Rs 12,668cr

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.Get the latest India News and Live updates. Download the TOI app.