# State Bank of India & Ors. vs. Venugopal Dhoot & Ors.

> NCLAT judgment dated 2026-05-14. Citation: TCN-2026-NCLAT-00190. Multiple appeals were filed against NCLT orders concerning the inclusion of foreign oil and…

- **Court:** NCLAT
- **Order date:** 14 May 2026
- **Citation:** TCN-2026-NCLAT-00190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-ors-vs-venugopal-dhoot-ors-wb0xm

## Summary

### Background

Multiple appeals were filed against NCLT orders concerning the inclusion of foreign oil and gas assets of Videocon Oil Venture Ltd (VOVL) and its subsidiaries into the Corporate Insolvency Resolution Process (CIRP) of Videocon Industries Ltd (VIL) + 12 group companies. Mr. Venugopal Dhoot initially sought to ring-fence foreign assets from VIL's domestic troubles, then later sought their inclusion in VIL's CIRP. The NCLT Mumbai Bench initially allowed Mr. Dhoot's application (MA 2385/2019) on 12.02.2020, directing the Resolution Professional to treat these foreign assets as VIL's assets for CIRP. This order was subsequently stayed by NCLAT.

## Facts

Multiple appeals were filed against NCLT orders regarding the inclusion of foreign oil and gas assets of Videocon Oil Venture Ltd (VOVL) and its subsidiaries in the CIRP of Videocon Industries Ltd (VIL) + 12 group companies.

On 22.08.2019, NCLT Mumbai Bench passed an ad-interim order directing SBI to refrain from selling assets of Videocon Oil Venture Ltd, Videocon Energy Brasil Limited, Videocon Hydrocarbon Holdings Ltd, and Videocon Indonesia Nunkan Inc., maintaining status quo.

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## Issues and analysis

### Issue 1: Whether foreign oil and gas assets of Videocon Oil Venture Ltd and its subsidiaries can be included …

**Ratio:** The assets of a subsidiary are distinct from those of the holding company and cannot be

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**Reasoning:** Mr. Dhoot himself had previously sought to ring-fence foreign assets from VIL's domestic

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**Interpretation:** The principle of separate legal entity for holding and subsidiary companies is

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**Application:** The NCLAT set aside the NCLT order that directed the inclusion of VOVL's

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## Parties

- **Judges:** Yogesh K…; Ajai Das Me…
- **Appellants:** State Bank of…; Pertamina Hulu…; +3 more
- **Respondents:** Videocon Industrie…; Videocon Oil…; +5 more
- **Other parties:** Committee of…; Committee of…; +12 more
- **Advocates:** Tushar…; Gopal…; +17 more

## Timeline

- **2012 — Financing availed by…**: Videocon Oil Venture Ltd (VOVL) and Videocon Industries Ltd (VIL) availed finances on an…
- **2016-17 — Request for change in…**: Mr. VN Dhoot requested VIL be removed as a co-obligor and made a corporate guarantor to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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