NCLAT pushes bank hearing to Oct 7 following NCLT stay on Chandra's 99.97% haircut
On Wednesday, the NCLAT postponed the hearing regarding a plea from lenders who are contesting the repayment strategy sanctioned for Subhash Chandra. This decision followed a Tuesday ruling by an NCLT bench that put a hold on Chandra's payment of ₹6.25 crore against total claims of ₹22,006 crore, a move that would have forced lenders to accept a 99.97% haircut. During the session, Chandra's legal representative claimed that his client is facing a "media trial" as part of the ongoing legal process.
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