HDFC Bank May Move NCLAT Against Subhash Chandra’s Rs 6.5 Crore Settlement
HDFC Bank is considering an appeal to NCLAT against the Rs 6.5 crore settlement approved for Subhash Chandra by NCLT.Summary
HDFC Bank is exploring legal options to challenge a repayment plan approved by the National Company Law Tribunal (NCLT) for Zee founder Subhash Chandra. The plan requires Chandra to pay Rs 6.5 crore against creditor claims totaling around Rs 22,006 crore, resulting in a recovery of only 0.03% for lenders. HDFC Bank, which opposed the settlement during insolvency proceedings, stated its admitted claim was 3.2% of the total and voted against the resolution. Chandra's office disputes the Rs 22,006 crore figure, arguing that his personal guarantee obligations are lower, at Rs 3,992 crore, and that significant repayments have already been made. The NCLT approved the settlement under Section 114 of the Insolvency and Bankruptcy Code, despite opposition from HDFC Bank and other lenders like Axis Bank and Canara Bank. The case involved a three-member bench due to a prior split decision.
(Source：Times Now News)