NCLT allows Subhash Chandra to repay ₹6.5cr of ₹22,006.57cr debt
Business
Big news: Zee Group founder Subhash Chandra is allowed to repay only ₹6.5 crore out of a whopping ₹22,006.57 crore in debts, approved by the National Company Law Tribunal (NCLT).
The debts came from loans taken by companies where Chandra gave personal guarantees.
HDFC Bank is exploring an appeal, while LIC Housing Finance and other lenders have objected to the level of recovery.
Jairam Ramesh, Vijay Mallya criticize ruling
The ruling has stirred up criticism in political circles. Congress leader Jairam Ramesh called it "not a haircut but mundan," while former liquor baron Vijay Mallya reacted publicly, comparing it to his own debt troubles.
The case is fueling debate about how India handles big debt cases, and whether the system is fair for everyone involved.