The NCLT has stayed its earlier approval of a repayment plan in Essel Group founder Subhash Chandra's personal insolvency proceedings and will hear the matter afresh. The five-member Bench said no clear majority view had emerged on the August 25 verdict
Canara Bank and Union Bank have moved NCLAT challenging NCLT approval of Subhash Chandra’s Rs 6.5-crore personal insolvency repayment plan against creditor claims of Rs 22,006.57 crore. The lenders allege related entities influenced voting, while NCLT upheld the plan
Reliance Group has rejected allegations by Essel Group chairman Subhash Chandra against its media entities as baseless. The denial comes amid Chandra’s personal insolvency proceedings, where an NCLT member approved a settlement plan involving Rs 6.5 crore against admitted creditor claims
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.
HDFC Bank is considering an appeal against an NCLT order approving Subhash Chandra’s repayment plan, under which creditors will receive only Rs 6.5 crore against admitted claims exceeding Rs 22,000 crore. HDFC Bank’s Rs 680-crore claim has 3.2% admitted
