NCLT agrees to listen to case in opposition to Rajkumar, Pradeep Kumar Dhoot
2 min read The Mumbai Bench of the National Company Law Tribunal (NCLT) has agreed to listen to State Bank of India’s (SBI’s) plea to provoke private insolvency in opposition to Rajkumar Dhoot and Pradeep Kumar Dhoot, two relations of Venugopal Dhoot, the founder and former chairman and managing director of Videocon Industries Limited (VIL). The financial institution is looking for restoration of roughly Rs 600 crore from Rajkumar Dhoot and Pradeep Kumar Dhoot for giving the non-public ensures, sources within the know advised The Indian Express. The case will likely be subsequent be heard on January 27.
A separate case of private insolvency in opposition to Venugopal Dhoot is scheduled to be heard by the NCLT on January 29, one of many sources stated. In the case filed earlier than the Mumbai Bench of the NCLT, the state-run financial institution has sought to provoke private insolvency in opposition to the three brothers for being private guarantors in loans taken by VIL.
Rajkumar Dhoot, who’s a former Rajya Sabha member from Shiv Sena and represented Maharashtra between April 2014 and 2020, gave private ensures to SBI assuring compensation by VIL of varied mortgage agreements such because the Rupee Term Loan settlement 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 affiliate corporations to pay the quantity, SBI despatched demand certificates to the three Dhoots in February 2018 and, then, once more on July 23, 2020, each of which have acquired no response to this point. The complete debt given by SBI below each the agreements quantity to Rs 3,700 crore, one of many sources near the event stated.
The Dhoot household, proprietor and promoter of VIL, in October 2020 supplied to pay Rs 30,000 crore to lenders of the debt-laden firm. It was just like one made by Venugopal Dhoot in 2017, through which he had supplied to pay all the debt. The supply was rejected by the lenders, who subsequently moved the Mumbai Bench of the NCLT for initiation of insolvency.
