NCLT Mumbai Admits Personal Insolvency Application Against Videocon's Promoter Rajkumar Dhoot

The NCLT Mumbai, comprising Justice V.G. Bisht and Mr. Prabhat Kumar, admitted a personal insolvency application against Mr. Rajkumar Nandlal Dhoot, Co-owner of Videocon Industries Limited (VIL). Filed by SBI under Section 95 of the IBC to recover Rs. 5,353 crores defaulted by VIL, it was based on default notices and lack of response from Mr. Dhoot. \r

The Tribunal directed the Resolution Professional to invite creditor claims and prepare a repayment plan for approval by the committee of creditors. Noting evidence of default, including guarantee deeds, the NCLT found Mr. Dhoot in default of loan repayment, satisfying Section 95 requirements for SBI's application.