The proceedings arose from personal guarantees furnished by Dhoot for credit facilities extended to Videocon Industries and borrowings connected with Videocon Telecommunications Limited.
Videocon Industries was admitted to corporate insolvency resolution proceedings in June 2018.
Separately, SBI initiated personal insolvency proceedings against Dhoot.
On April 8 this year, the NCLT admitted the application and commenced his personal insolvency resolution process.
During these proceedings, Dhoot proposed a repayment plan offering ₹600 crore over 36 months through a proposed real estate development project in Siliguri.
The proceedings arose from personal guarantees furnished by Dhoot for credit facilities extended to Videocon Industries and borrowings connected with Videocon Telecommunications Limited.
SBI and its erstwhile associate banks had extended term loans and working capital facilities to the Videocon group. Dhoot had executed multiple personal guarantees to secure repayment of these facilities.
Following defaults, the lenders invoked the guarantees in February 2018.
Videocon Industries was admitted to corporate insolvency resolution proceedings in June 2018. The proceedings were subsequently consolidated with those of 12 other Videocon group companies.
Separately, SBI initiated personal insolvency proceedings against Dhoot. On April 8 this year, the NCLT admitted the application and commenced his personal insolvency resolution process.
During these proceedings, Dhoot proposed a repayment plan offering ₹600 crore over 36 months through a proposed real estate development project in Siliguri.
However, the resolution professional found that the plan had not been prepared in consultation with him, as required under the IBC.
