Updated: January 19, 2021 4:03:06 am
The Mumbai Bench of the National Company Law Tribunal (NCLT) has agreed to hear State Bank of India’s (SBI’s) plea to initiate personal insolvency against Rajkumar Dhoot and Pradeep Kumar Dhoot, two relatives of Venugopal Dhoot, the founder and former chairman and managing director of Videocon Industries Limited (VIL). The bank is seeking recovery of approximately Rs 600 crore from Rajkumar Dhoot and Pradeep Kumar Dhoot for giving the personal guarantees, sources in the know told The Indian Express. The case will be next be heard on January 27.
A separate case of personal insolvency against Venugopal Dhoot is scheduled to be heard by the NCLT on January 29, one of the sources said. In the case filed before the Mumbai Bench of the NCLT, the state-run bank has sought to initiate personal insolvency against the three brothers for being personal guarantors in loans taken by VIL.
Rajkumar Dhoot, who is a former Rajya Sabha member from Shiv Sena and represented Maharashtra between April 2014 and 2020, gave personal guarantees to SBI assuring repayment by VIL of various loan agreements such as the Rupee Term Loan agreement signed between VIL and SBI in 2012 and the Fourth Supplemental Working Capital Consortium Agreement dated May 25, 2012. After the failure of VIL and its associate companies to pay the amount, SBI sent demand certificates to the three Dhoots in February 2018 and, then, again on July 23, 2020, both of which have received no response to date. The total debt given by SBI under both the agreements amount to Rs 3,700 crore, one of the sources close to the development said.
The Dhoot family, owner and promoter of VIL, in October 2020 offered to pay Rs 30,000 crore to lenders of the debt-laden company. It was similar to one made by Venugopal Dhoot in 2017, in which he had offered to pay the entire debt. The offer was rejected by the lenders, who subsequently moved the Mumbai Bench of the NCLT for initiation of insolvency.
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