NCLT approves Subhash Chandra’s Rs 6.5-crore repayment plan against Rs 22,006 crore dues
National Company Law Tribunal has approved a repayment plan for Zee TV founder Subhash Chandra, under which the media baron will pay just Rs 6.5 to settle dues of nearly Rs 22,006.57 crore, equating to a haircut of nearly 99.97 per cent for lenders, according to PTI.
In finance, a haircut refers to the percentage reduction in the amount that a debtor owes to its lenders.
NCLT third party Nilesh Sharma approves the plan
NCLT member (Judicial) Nilesh Sharma, appointed as the third member of the case, approved the pan under Section 114 of the Insolvency and Bankruptcy Code (IBC) on Tuesday, August 26. Sharma rejected the claims of lenders, stating that the recovery amount was too small for legal approval.
