Mumbai, August 27: Former Zee Media baron and Essel Group Founder Subhash Chandra is a lucky man. The National Company Law Tribunal (NCLT) has approved the repayment plan where he has to pay just ₹6.5 crore against claims of ₹22,006.57 crores, with 80.81% of the voting creditors backing it.
In a 144 page long order, the NCLT said that Chandra’s personal real estate was significantly less than the amount offered under the plan, and that the opposing creditors were unlikely to recover more by rejecting it, as Mr Chandra would face bankruptcy rather than pay back from a position of recovery.
The objecting creditors, including LIC Housing Finance Limited(LICFL), which Chandra owes ₹1,322.39 crore, said the settlement was unviable and unlawful, but their objections were set aside as this is now legally binding on all creditors.
“In the case of LICHFL, whose admitted claim stood at Rs 1,322.39 crore, the proposed repayment was merely Rs 38,09,294, amounting to approximately 0.028 per cent of its admitted dues. It was contended that such a negligible repayment could not receive the approval of this tribunal,” the NCLT said in its order.
Following the news, Vijay Mallya, another defaulter who remains absconding, said on X.
“Government have admitted having recovered Rs 14,100 crores from me against a Judgement debt of Rs 6203 crores. Many more borrowers have settled at a fraction. Indian Debt Resolution Justice I presume. No media questions,”
If True many congratulations to my friend Subhash.Banks and Government have admitted having recovered Rs 14,100 crores from me against a Judgement debt of Rs 6203 crores. Many more borrowers have settled at a fraction. Indian Debt Resolution Justice I presume. No media questions. pic.twitter.com/5uwxYSAX8H
— Vijay Mallya (@TheVijayMallya) August 26, 2026
