Subhash Chandra Gets Relief in Personal Guarantee Case as Leading Banks Face 99% Haircut
- On Tuesday, National Company Law Tribunal member Nilesh Sharma approved Subhash Chandra's repayment plan, requiring the media baron to pay ₹6.2 crore against ₹22,006 crore in admitted claims—a 99.9% haircut.
- The approval followed a split verdict between judicial member Ashok Kumar Bhardwaj and technical member Reena Sinha Puri, with Sharma serving as the third member to resolve the dispute.
- Objecting lenders including Axis Bank and HDFC Bank challenged the voting inclusion of associate entities like Veena Investments, while also contesting admission of claims from 960 and 300 individuals submitted by Anil Kumar and Sunil Jain.
- Calling the deal a "mundan," Congress leader Jairam Ramesh criticized it as a "mockery" of the insolvency process, while the tribunal ordered a revised creditor list excluding the challenged individual claims.
- Principal debtors remain liable for the remaining debt despite Chandra's personal insolvency resolution, though the resolution professional noted the debtor's estate may not cover even the bankruptcy process expenses.
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Subhash Chandra Calls Rs 22,000 Cr NCLT Figure 'Selective Reporting', Cites Rs 6.5 Cr Plan
Get latest articles and stories on Business at LatestLY. He said while claims filed in the proceedings totalled about Rs 22,006 crore, of which Rs 21,696 crore were admitted, the claims of lenders that have objected to his repayment plan stood at Rs 3,992 crore. Of this, Rs 620 crore has already been settled, leaving Rs 3,372 crore, he said. Business News | Subhash Chandra Calls Rs 22,000 Cr NCLT Figure 'Selective Reporting', Cites Rs 6.5 Cr Pla…
Neta-Company Loot Tribunal: Rahul Gandhi over Subhash Chandra insolvency plan - The Tribune
Leader of Opposition in the Lok Sabha Rahul Gandhi on Thursday attacked the Modi government over a National Company Law Tribunal (NCLT) order involving businessman and media baron Subhash Chandra, alleging that the country operates under “two systems” — one for ordinary citizens and another for a select group of wealthy businessmen.
Subhash Chandra's ₹6.5 cr payout to settle dues cleared by NCLT; Congress calls it ‘mundan’: Key things to know
The NCLT approved a resolution plan by Subhash Chandra to settle ₹22,006.57 crore in claims with only ₹6.5 crore, representing a 99.97% reduction. NCLT Member (Judicial) Nilesh Sharma, acting as the third member of the tribunal, approved the resolution plan on Tuesday under Section 114 of IBC.
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