The Mumbai bench of the National Company Law Tribunal (NCLT) has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt, accepting a petition filed by the State Bank of India (SBI) over outstanding dues of Rs 12,668 crore.The tribunal has appointed a Bankruptcy Trustee to oversee the proceedings against Dhoot, who had furnished personal guarantees for loans taken by Videocon Industries from SBI and its erstwhile associate banks, which have since merged with the lender.“Venugopal Nandlal Dhoot, the Personal Guarantor in this matter, is declared Bankrupt,” the two-member NCLT bench said in an order issued on Thursday.The tribunal directed the Bankruptcy Trustee to publish a public notice inviting claims from Dhoot’s creditors, stating that the “estate (property) of the bankrupt (Dhoot) will be distributed among his creditors.”Dhoot has also been directed to submit a statement of his financial position to the trustee within seven days of the commencement of the bankruptcy proceedings.“The Bankrupt (Dhoot) must provide his financial position statement to the Bankruptcy Trustee in the required format within seven days from the date of this order, which is the bankruptcy commencement date,” the order stated.The trustee has further been directed to submit a preliminary report to the tribunal and the Committee of Creditors within 90 days, followed by quarterly progress reports. The bench comprised Member (Judicial) Vinay Goel and Member (Technical) Charanjeet Singh Gulati.In its 12-page order, the NCLT said the bankruptcy proceedings against Dhoot “will remain effective until the debtor is discharged under Section 138 of the Code.”The case relates to credit facilities availed of by Videocon Industries Ltd (VIL) from SBI and its erstwhile associate banks — State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State Bank of Patiala.Videocon Telecommunications Ltd (VTL) had also availed of a specific facility as a co-obligor. However, the accounts subsequently turned irregular and defaulted. According to SBI’s petition, the total outstanding default, including interest and penalties, stood at Rs 12,668.06 crore as on September 30, 2026.The amount comprised Rs 9,322.10 crore under the rupee term loan facility, Rs 1,437.76 crore under the VTL facility and Rs 1,908.19 crore under the working capital facility.Dhoot had furnished personal guarantees for the credit facilities extended by SBI and its erstwhile associate banks, which merged with SBI in April 2017. In February 2018, the bank invoked the guarantees by issuing demand notices.The personal insolvency resolution process against Dhoot had commenced on April 8, 2026, following proceedings before the NCLT. During the process, Dhoot submitted a repayment plan on June 16, 2026, proposing to pay Rs 600 crore over 36 months through a proposed development project in Siliguri. The offer amounted to just 0.42 per cent of the acknowledged dues.