HDFC Bank may approach NCLAT against Chandra ’s order
HDFC Bank is “exploring an appeal” before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order approving a repayment plan for Essel Group founder Subhash Chandra that entails a 99.97% haircut on creditors’ admitted claims.
The National Company Law Tribunal (NCLT) on Thursday approved the repayment plan under which creditors will receive Rs 6.5 crore against admitted claims of Rs 22,006.57 crore, translating into a recovery of just around 0.03%.
HDFC Bank said its admitted claim accounted for only 3.2% of the total claims and that the facility was inherited from erstwhile HDFC Limited.
