New Delhi: The National Company Law Tribunal (NCLT) has directed to initiate bankruptcy proceedings against the former chairman and MD of Videocon. Venugopal Dhoot As personal guarantor of two group companies for defaulting on loans worth Rs 6,158 crore.Accepting the plea of ​​State Bank of India (SBI), the NCLT said that Venugopal Dhoot has “defaulted in repayment of the loan amount” given by the financial lender. “Venugopal Nandlal Dhoot, personal guarantor of Videocon Industries Limited and Videocon Telecommunications Limited, has also defaulted in repayment of the loan facility sought by the financial lender following invocation of the personal guarantee,” an order passed by the NCLT on April 8 said.The Mumbai bench of the insolvency tribunal has also appointed Ashish Narayan as a resolution professional and directed him to issue a public notice on the NCLT website within seven days of passing this order.“The resolution professional shall submit the repayment plan to this authority along with his report on the plan within a period of 21 days from the last date of submission of claim, as provided under section 106,” the NCLT said. Under Section 95 of the Insolvency and Bankruptcy Code (IBC), insolvency proceedings are initiated against a person when he is satisfied that the corporate debtor (Videocon) has defaulted in repayment of the loan amount given by the financial lender and the personal guarantors have defaulted in repayment of the loan facility. Two other Dhoot brothers – Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot – are already facing bankruptcy proceedings. agencies