Subhash Chandra gets relief in personal guarantee case as leading banks face 99% haircut
Creditors with more than 80% voting rights approved the Repayment Plan, court left commercial decision to them to receive ₹6.5 crore towards claims of ₹22,006.57 crore
Subhash Chandra, former media mogul and founder of Zee Media Group, has been granted relief in a personal guarantee case involving creditors, including several major banks. The National Company Law Tribunal in New Delhi has approved his offer to pay only ₹6.5 crore towards a ₹22,006.57 crore debt. This decision has forced the dissenting creditors to accept a 99% haircut.
The order was passed by Judge Nilesh Sharma, who took into account the decision of 80.814% of creditors who endorsed Mr. Chandra's proposal. The remaining creditors, primarily from Haryana, have been excluded from the final list of beneficiaries. Despite facing objections from some banks, the majority of creditors have chosen to accept the repayment plan, which they believe is in their best interest. However, the exact reasoning behind the dissenting creditors' decision remains unclear.
Written by urgent.news from The Hindu's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
