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The Economic Times
The Economic Times
Business

Subhash Chandra Rs 22,000 cr case: NCLT fails to get majority view on insolvency plan with 99.7 percent haircut

Subhash Chandra NCLT the National Company Law Tribunal Sharma Essel Group Judicial

New Delhi: An NCLT bench on Monday referred the personal insolvency case against media baron Subhash Chandra to the tribunal's chairperson for fresh adjudication after failing to reach majority consensus on a proposed Rs 6.5 crore repayment plan against admitted claims of over Rs 22,000 crore.

Meanwhile, lenders, who opposed the repayment plan proposing a deep 99.97 per cent haircut, moved the appellate tribunal, NCLAT, against a third member's order approving the plan.

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