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The Economic Times
The Economic Times

'Not haircut but mundan': Congress on NCLT clearing Subhash Chandra's Rs 6.5 crore payout

Subhash Chandra NCLT

The Congress on Thursday took a swipe over the insolvency tribunal NCLT clearing businessman Subhash Chandra's Rs 6.5 crore payout to settle Rs 22,006 crore dues, saying this is not just a haircut but a "mundan" that makes a "complete mockery" of the Insolvency and Bankruptcy Code, 2016.

There was no immediate reaction from Chandra or his group.

The insolvency tribunal NCLT has approved a repayment plan under which the media baron will pay just Rs 6.5 crore to settle admitted creditor claims of about Rs 22,006.57 crore in his personal insolvency resolution process, translating into a haircut of nearly 99.97 per cent for lenders.

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