Banks move DRT to enforce personal guarantees provided by Dhoots for Videocon loans

Banks move DRT to enforce personal guarantees provided by Dhoots for Videocon loans

A consortium of banks led by SBI has applied to the debt recovery tribunal (DRT) in Delhi seeking to invoke personal guarantees on the promoters of Videocon group, Venugopal Dhoot and his brother Rajkumar Dhoot. Videocon owes these banks Rs 20,000 crore.  SBI has requested the tribunal to pass orders and issue certificates of recovery against the Dhoots. Similar applications were filed by other lenders such as ICICI Bank, Andhra Bank, IDBI Bank and Bank of India. SBI has separately initiated insolvency proceedings against Videocon group parent, Videocon Industries Limited, and 14 other group companies at the National Company Law Tribunal (NCLT), Mumbai to recover the dues. The banks could potentially recover as much as Rs 14,000 crore from the sale of the consumer electronics business of the company.  

Read More at The Economic Times News date : 28 Nov 2018, Wednesday

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