NCLT case coverage: Reliance rejects Subhash Chandra’s allegations against its media entities as ‘baseless’
Reliance Group says it strongly denies the allegations and insinuations against its media entities, which have never been used to attack anyone.
Reliance Group, led by Mukesh Ambani, has dismissed allegations made by Essel Group chairman Subhash Chandra, calling them "baseless". The controversy stems from Chandra's personal insolvency proceedings and reports suggesting creditors could face a 99.97% loss on claims exceeding ₹22,000 crore. Reliance expressed disappointment over Chandra's comments and affirmed their respect for him as a businessman.
The National Company Law Tribunal (NCLT) approved a repayment plan where Chandra would pay ₹6.5 crore towards admitted claims, but creditors are concerned as historically, they recover only about 1% of their claims against personal guarantors.
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- HDFC Bank may appeal ₹6.5-cr repayment plan for Subhash Chandra hindustantimes.com
