'Complete mockery': Congress slams Subhash Chandra's 0.028% NCLT settlement plan; social media reacts
Congress has criticized the NCLT approval of Subhash Chandra's plan to repay only ₹6.5 crore against ₹22,006.57 crore in claims, describing it as a 'complete mockery' of insolvency laws.Summary
Congress has strongly criticized the National Company Law Tribunal's (NCLT) approval of a repayment plan by Zee founder Subhash Chandra, under which creditors would recover just 0.028% of their admitted claims worth approximately ₹22,006.57 crore. The settlement allocates only ₹6.25-6.5 crore among eligible creditors, effectively a 99.97% 'haircut' that Congress leader Jairam Ramesh compared to a 'mundan' (complete head shave) rather than a mere haircut. The NCLT justified the approval by warning that rejecting the plan could result in even lower recovery if Chandra were pushed into bankruptcy, citing personal assets valued below the offered amount. Creditors objected, calling the plan 'unviable and unlawful' and questioning votes from related-party entities supporting it and the absence of a forensic investigation. Social media reactions were critical, with users questioning why ordinary defaulters face harsh recovery measures while wealthy individuals receive such favorable treatment. The case originated from Indiabulls Housing Finance's insolvency proceedings against Chandra in 2022 over a ₹170 crore loan he personally guaranteed.
(Source：Mint)