A five‑member National Company Law Tribunal bench has stayed a prior order that required media magnate Subhash Chandra to pay ₹6.25 crore against claims of over ₹22,000 crore, while also restraining him from disposing of assets.
Posts tagged as “Insolvency”
A five‑member NCLT bench in Delhi has stayed the approval of Dr. Subhash Chandra's repayment plan that would have paid creditors ₹6.25 crore against claims of over ₹22,000 crore.
Creditors plan to challenge an NCLT order that limits Subhash Chandra’s repayment to ₹6.25 crore, with the NCLAT scheduled to hear the appeal tomorrow.
The Insolvency and Bankruptcy Code sees banks recoup only about 1% of loans backed by personal guarantees, a fact underscored by the recent Subhash Chandra repayment plan.
HDFC Bank is weighing an appeal against the NCLT's decision that obliges Essel Group founder Subhash Chandra to pay ₹6.25 crore as a personal guarantor, despite the plan being approved by a majority of creditors.