NCLT sends Subhash Chandra's ₹6.5cr plan to 5-member bench
Business
Subhash Chandra's big ₹6.5 crore repayment plan just hit a roadblock; since the National Company Law Tribunal (NCLT) couldn't agree on it, they've handed the case to a bigger five-member bench.
The proposal? Creditors would get ₹6.25 crore and another ₹25 lakh for insolvency costs, even though total claims are a massive ₹22,006 crore.
Subhash Chandra's personal guarantees total ₹2,574cr
Chandra's debts come from personal guarantees for Zee and Essel group loans, with about ₹2,574 crore in direct guarantees alone.
Some creditors like HDFC Bank and LIC Housing Finance aren't happy: they say the payout is way too low and unfair to those who opposed it.
Now, both NCLT and its appellate tribunal (NCLAT) will weigh in on what happens next.