HDFC Bank, LIC Housing Finance oppose Zee Group 22,006cr settlement
HDFC Bank and LIC Housing Finance aren't happy with how Zee Group's massive ₹22,006 crore debt is being settled.
The plan, greenlit by the NCLT on Tuesday, lets Zee pay just a fraction: ₹1,494 crore from the main borrowers and only ₹6.25 crore from Chairman Subhash Chandra, even though most creditors agreed.
But these two big lenders say the deal just doesn't add up.
LIC Housing to appeal
LIC Housing Finance plans to appeal the decision, and HDFC Bank might join in too.
Their main gripe? They feel Chandra's tiny repayment doesn't match his huge guarantee: he owes way more than ₹6.25 crore.
Officials clarified that only part of the original loans were actually backed by his personal guarantee, but for now, both banks think the settlement is unfair and want it reviewed.