Banks challenge NCLT approval of Subhash Chandra's 99.97% debt haircut
A group of lenders has contested the personal insolvency resolution strategy for Zee founder Subhash Chandra that was recently sanctioned by the NCLT. The plan involves a 99.97% reduction in admitted personal guarantee claims. The institutions voicing opposition include HDFC Bank, Axis Bank, LIC Housing Finance, Canara Bank, Union Bank of India, and RBL Bank. Despite their pushback, the NCLT ruled that these grievances were not strong enough to invalidate the resolution plan already backed by the creditors.
by shortkt.com✓