Venugopal Dhoot (Express File Photo by Ganesh Shirsekar)

The National Company Law Tribunal (NCLT) has declared Venugopal Nandlal Dhoot, the former promoter and director of Videocon Industries, bankrupt over the default of Rs 12,668 crore loans from the State Bank of India (SBI). The Mumbai bench of the tribunal, in an order passed on Thursday, directed that Dhoot’s estate be vested in bankruptcy trustee Ashish Narayan and distributed among the creditors. The creditors had earlier rejected the Rs 600 crore repayment plan from Dhoot.

The case relates to the personal guarantees furnished by Venugopal Dhoot for credit facilities or loans granted to Videocon Industries limited and Videocon Telecommunications Limited during 2010 and 2012.…