Rs 22,006 crore claims, Rs 6.5 crore payout: NCLT clears Subhash Chandra plan
- On Tuesday, the National Company Law Tribunal Delhi Bench approved Zee group founder Subhash Chandra's personal repayment plan, allowing him to settle approximately Rs 22,006 crore in admitted claims with a payment of Rs 6.5 crore.
- The decision followed a split verdict from the original tribunal members, prompting the NCLT President to appoint Judicial Member Nilesh Sharma as a third member to resolve the disagreement.
- Lenders including LIC Housing Finance argued the payout was "unviable and unlawful," as the plan results in a haircut of roughly 99.97 per cent for creditors.
- Congress MP Jairam Ramesh criticized the development on Thursday, calling the settlement a "mundan" that makes a "complete mockery" of the Insolvency and Bankruptcy Code, 2016, while Chandra offered no immediate reaction.
- The tribunal observed that approving the plan could improve objectors' chances of recovering debts directly from Principal Debtors, as the tribunal emphasized it does not substitute its own commercial wisdom for creditors' decisions.
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The settlement of media tycoon Subhash Chandra's debt of over ₹22,000 crore for just ₹6.5 crore appears to be a complicated matter. The NCLT will now hear the case again regarding the 99.97% haircut he received under the Insolvency Act.
₹22,000-Crore Debt Row: Subhash Chandra Accuses Mukesh Ambani’s Media Network of Misreporting
Zee Group founder and Essel Group chairman Subhash Chandra has accused Reliance Industries chairman Mukesh Ambani and his media network of orchestrating a 'fake news campaign' against him concerning his personal insolvency petition in the National Company Law Tribunal (NCLT). In a video message on Zee News on Friday, Chandra refuted the story in relation to the famous Rs 22,000-crore debt that he
Essel Group's Subhash Chandra calls for independent audit of debt, claims Rs 43,000 crore repaid
Essel Group founder Subhash Chandra has called for an independent audit to examine the group's borrowings, defaults, and repayments, stating that approximately ₹43,000 crore of its ₹45,000 crore total debt has been repaid.
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