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NATIONAL COMPANY LAW TRIBUNAL COURT-V, MUMBAI BENCH IN THE MATTER OF State Bank of India VS Venugopal Nandlal Dhoot U/s 123 of the Insolvency and Bankruptcy Code, 2016 Order Delivered on 05.11.2026 CORAM:

SH. VINAY GOEL SH. CHARANJEET SINGH GULATI MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner:

For the Respondent:

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ORDER The above CP is listed for pronouncement of the order. The same is pronounced in open court, vide a separate order.

Sd/- Sd/-

VINAY GOEL CHARANJEET SINGH GULATI Member (Judicial) Member (Technical)

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, V Order under Section 126 of the Insolvency and Bankruptcy Code, 2016 IN THE MATTER OF:

State Bank of India Statutory corporation established under the State Bank of India Act, 1955 Having its Central Office at:

State Bank Bhavan, Madame Cama Road, Mumbai - 400021, acting through its Stressed Assets Management Branch – 1, II Floor, The Arcade, World Trade Centre Cuffe Parade, Colaba, Mumbai - 400005 … Petitioner/ Financial Creditor Versus Mr. Venugopal Nandlal Dhoot Having its Registered Office:

90,99, Manav Mandir, Napsean Sea, Mumbai - 400005 …Respondent/ Personal Guarantor Order Delivered on: 05.11.2026 Coram:

Sh. Vinay Goel Sh. Charanjeet Singh Gulati Member (Judicial) Member (Technical)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner: - Adv. Srideepa Bhattacharyya, Adv. Ananya Bajpai, Adv. Aman Patidar i/b Cyril Amarchand Mangaldas For the Respondent –

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C.P (IB) No. 1015 of 2026:

1. This Petition has been filed by State Bank of India (‘Financial Creditor’)

under Section 123 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (‘Bankruptcy Rules’), seeking to initiate Bankruptcy Process against Mr. Venugopal Nandlal Dhoot (‘Personal Guarantor/ Respondent’).

Facts in brief:

2. Mr. Venugopal Nandlal Dhoot, the erstwhile promoter and director of M/s Videocon Industries Limited (“Corporate Debtor/VIL”), is the Personal Guarantor to the credit facilities availed by the Corporate Debtor.

3. VIL availed credit facilities from State Bank of India (“SBI”), State Bank of Hyderabad (“SBH”), State Bank of Mysore (“SBM”), State Bank of Travancore (“SBT”), State Bank of Bikaner and Jaipur (“SBBJ”) and State Bank of Patiala (“SBP”). VIL also assumed, as a co-obligor, certain credit facilities originally availed by Videocon Telecommunications Limited (“VTL”). Pursuant to the Gazette Notification dated 22.02.2017, SBH, SBM, SBT, SBBJ and SBP were merged with SBI with effect from 01.04.2017.

Accordingly, all Credit Facilities granted by the erstwhile associate banks are deemed to have been granted by SBI. The said credit facilities are:

a. Rupee Term Loan Agreement (“RTL Agreement”) dated 08.08.2012, wherein VIL availed rupee term loan facilities aggregating to Rs. 2,972 crores, comprising Rs. 2,072 crores from SBI, Rs. 300 crores from SBH, Rs. 250 crores from SBM, Rs. 200 crores from SBT, Rs. 100 crores from SBBJ and Rs.50 crores from SBP (collectively, the “RTL Facilities”).

b. Pursuant to the Confirmation Agreement dated 20.06.2016, VIL became a co-obligor and assumed all obligations towards the VTL Lenders under the Rupee Facility Agreement dated 31.05.2010, as modified by the Agreement of Modification dated 31.08.2010 (collectively, the “VTL Agreement”). The facilities under the VTL Agreement comprised rupee term loans aggregating to Rs. 1,700 crores, including Rs. 1,400 crores granted by SBI and Rs.100 crore each by SBBJ, SBM and SBP, along with letter of credit sub-limits of Rs.840 crore under SBI’s facility, Rs.50 crores under SBM’s facility and Rs.60 crores under SBP’s facility (collectively, the “VTL Fa