Now Reading: NCLT approves Subhash Chandra Rs 6.5 crore repayment plan
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NCLT approves Subhash Chandra Rs 6.5 crore repayment plan
The National Company Law Tribunal has approved a repayment plan from Zee group founder Subhash Chandra under which he will pay Rs 6.5 crore against admitted creditor claims of Rs 22,006.57 crore,…
The National Company Law Tribunal has approved a repayment plan from Zee group founder Subhash Chandra under which he will pay Rs 6.5 crore against admitted creditor claims of Rs 22,006.57 crore, giving creditors a recovery of about 0.03%.
The approval came from a third judicial member, Nilesh Sharma, who was added in February 2026 after the original two members of the Delhi bench disagreed. LIC Housing Finance, which has an admitted claim of Rs 1,322.39 crore, told the court it would receive just Rs 38,09,294 under the plan.
The repayment plan was approved by 80.814% of creditors in a November 2024 vote, but objecting creditors including HDFC Bank, Axis Bank and Canara Bank alleged several supporting entities were related parties. The tribunal noted the IBC does not require a forensic audit before considering a repayment plan.
Indian Opinion Analysis
This case highlights a gap in the personal insolvency framework under the IBC, which applies to individuals and partnership firms under Part III, a section that has seen far fewer cases than corporate insolvency. The drastic drop in Chandra's disclosed net worth from Rs 40,562 crore in 2018 to Rs 31.79 crore now is unusual but the code has no mandatory forensic audit trigger. Creditors who opposed the plan can challenge the approval before the National Company Law Appellate Tribunal. The next step will be implementation directions from the regular NCLT bench, and creditors may seek a stay or appeal on grounds of related-party voting.
Source: livemint.com
This story was synthesised by AI from the source linked above.
