From a ₹170-crore guarantee to ₹22,006-crore in claims: The Subhash Chandra insolvency case
The insolvency proceedings against Subhash Chandra began with a ₹170-crore loan that Indiabulls Housing Finance extended to Vivek Infracon, backed by a personal guarantee from Chandra. Once Vivek Infracon failed to repay the debt, Indiabulls moved the NCLT. Subsequently, various creditors submitted claims that reached a total of ₹22,006.57 crore. With 80% of the creditors supporting Chandra, the NCLT has sanctioned a settlement plan involving a repayment of only ₹6.5 crore.
by shortkt.com✓