KTR questions NCLT over reported 99.97 per cent waiver to Subhash Chandra

BRS working president KT Rama Rao questioned the reported NCLT approval of a Rs 6.5-crore payout by Subhash Chandra to settle Rs 22,006 crore in dues. He contrasted the reported settlement with action against ordinary borrowers facing financial difficulties.

Hyderabad: BRS working president KT Rama Rao questioned the reported approval by the National Company Law Tribunal (NCLT) of a Rs 6.5 crore payout by Subhash Chandra to settle dues of Rs 22,006 crore, amounting to a nearly 99.97 per cent reduction. He questioned the fairness of the reported settlement and sought answers from the NDA government over the decision.

Reacting to a media report on the issue, Rama Rao said ordinary borrowers, including farmers, small business owners and salaried employees paying EMIs, were pursued and labelled defaulters or NPAs (Non Performing Assets) even for financial difficulties.

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“Any common man… will be taken to task,” he said, contrasting this with a near-total waiver for the rich and mighty.