NCLAT Upholds Personal Insolvency Proceedings Against Dhoot Brothers in Videocon Loan Case

The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals by Rajkumar and Pradeep Dhoot challenging personal insolvency proceedings initiated by SBI over a Rs 5,353.78 crore loan default by Videocon Industries, where they were personal guarantors. NCLAT upheld earlier orders by the Mumbai bench of the National Company Law Tribunal (NCLT) directing insolvency against the brothers and rejected their claim that the petitions were barred by limitation. The NCLT had admitted the application under Section 95 after confirming defaults by Videocon and its guarantors.