More lenders move NCLAT against Chandra’s Rs 6.5-cr repayment plan

After the Delhi bench of the National Company Law Tribunal (NCLT) approved a repayment plan under which Zee founder and Essel Group chairman Subhash Chandra will pay just Rs 6.25 crore to lenders and Rs 25 lakh towards legal fees to settle his personal insolvency case involving guarantees for a debt pile of Rs 22,007 crore, several lenders have decided to challenge the order before the appellate tribunal NCLAT.

HDFC Bank was the first lender to publicly announce earlier this week that it would challenge the order. Other lenders planning to approach the NCLAT include public sector lenders Canara Bank and Union Bank of India, as well as LIC Housing Finance (LICHFL).