Subhash Chandra's ₹6.5 cr payout to settle dues cleared by NCLT; Congress calls it ‘mundan’: Key things to know
The NCLT approved a resolution plan by Subhash Chandra to settle ₹22,006.57 crore in claims with only ₹6.5 crore, representing a 99.97% reduction. NCLT Member (Judicial) Nilesh Sharma, acting as the third member of the tribunal, approved the resolution plan on Tuesday under Section 114 of IBC.
The National Company Law Tribunal (NCLT) has approved Subhash Chandra's proposed recovery plan, allowing the media entrepreneur to settle admitted claims worth ₹22,006.57 crore by paying creditors only ₹6.5 crore. The Congress criticized the NCLT order, calling the massive reduction a "mundan" that mocks the Insolvency and Bankruptcy Code (IBC) of 2016. The NCLT member Nilesh Sharma approved the resolution plan, dismissing objections from lenders who argued it was too low.
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