Essel Group chairman Subhash Chandra assures lenders on debt repayment, says borrowers promise settlement of Rs 4,262 crore
Financial institutions challenge NCLT's approval of Subhash Chandra's personal insolvency repayment plan in NCLAT, seeking to overturn settlement of Rs 22,006.57 crore claims.Summary
The National Company Law Appellate Tribunal (NCLAT) is set to hear a challenge by several financial institutions against the National Company Law Tribunal's (NCLT's) approval of a repayment plan submitted by Essel Group founder Subhash Chandra in his personal insolvency proceedings. Solicitor General Tushar Mehta, representing lenders including LIC Housing Finance, HDFC Bank and Union Bank of India, mentioned the appeal urgently before the appellate tribunal on Monday. The NCLAT agreed to list the matter for hearing on Tuesday at 10:30 am. The lenders are seeking to overturn an NCLT order that allows Chandra to settle admitted claims in his personal insolvency proceedings with a payment of Rs 6.25 crore to creditors, besides Rs 25 lakh towards the insolvency process. The admitted claims before the tribunal stood at approximately Rs 22,006.57 crore.
(Source：Ournet)