The National Company Law Tribunal cleared a debt resolution plan allowing Essel Group founder Subhash Chandra to settle creditor claims of about 22,000 crore rupees by paying 6.5 crore rupees. The decision represents a 99.97% haircut for lenders and a recovery of just 0.03%. Major institutions including LIC Housing Finance, HDFC Bank, Axis Bank, Canara Bank, RBL Bank, and Union Bank of India objected to the plan. Opposition leader Rahul Gandhi criticised the tribunal following the approval. Subhash Chandra rejected the criticism, stating he acted only as a personal guarantor and that claims against him were misrepresented.
#SubhashChandra #NCLT #InsolvencyAndBankruptcyCode #EsselGroup #Congress
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