Subhash Chandra gets NCLT nod to settle Rs 22,006 crore claims for Rs 6.5 crore

Subhash Chandra

The insolvency tribunal National Company Law Tribunal (NCLT) has approved a repayment plan under which media baron Subhash Chandra will pay just Rs 6.5 crore to settle admitted creditor claims of about Rs 22,006.57 crore in his personal insolvency resolution process, translating into a haircut of nearly 99.97 per cent for lenders.

NCLT Member (Judicial) Nilesh Sharma, ruling as a third member, approved the plan under Section 114 of the Insolvency and Bankruptcy Code (IBC), rejecting objections by lenders that the recovery was too meagre to merit approval.

Reacting to the development, the Congress on Thursday took a swipe, saying this is not just a haircut but a "mundan" that makes a "complete mockery" of the Insolvency and Bankruptcy Code, 2016.

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