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Informist, Wednesday, Feb. 25, 2026

 

--NCLAT upholds IBC proceedings against Videocon's Pradeep, Rajkumar Dhoot 

--CONTEXT: NCLT admitted SBI's IBC plea vs Videocon's Pradeep, Rajkumar Dhoot 

 

NEW DELHI – The National Company Law Appellate Tribunal Wednesday upheld the orders of the Mumbai bench of the National Company Law Tribunal to admit State Bank of India's petition to start personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot for unpaid dues of INR 53.54 billion and INR 61.58 billion, respectively. Rajkumar Nandlal Dhoot was the promoter and co-owner of Videocon group, and Pradeep Nandlal Dhoot was director at various Videocon group companies. Both were the personal guarantors to loans given to Videocon Industries Ltd.

 

The appellate tribunal said it did not find any ground to interfere with orders of the Mumbai bench passed in June 2024. A detailed order is awaited. 

 

Primary lender SBI along with State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State Bank of Patiala had provided loan facilities to Videocon Industries, prior to the merger of these banks with SBI in 2017.

 

In 2018, demand notices were issued to Videocon Industries after it defaulted in repayment of the loan facilities. Following this, SBI moved the Mumbai tribunal to initiate insolvency proceedings against Videocon Industries, and the plea was later admitted by the tribunal. In 2020, notices were issued to Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot under the Insolvency and Bankruptcy Code, 2016. Thereafter, SBI approached the Mumbai tribunal to start personal insolvency proceedings against Rajkumar and Pradeep Dhoot.

 

At 1121 IST, shares of SBI were down 1.0% at INR 1,211.30 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Tanima Banerjee

 

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