Economy
NCLT Approves Subhash Chandra Debt Settlement Plan
The Hindu1h
THE BRIEF
1
The NCLT New Delhi Bench approved a repayment plan for Zee Media Group founder Subhash Chandra, allowing him to settle ₹22,006.57 crore in debt for ₹6.5 crore.
2
The decision follows an 80.814% majority vote by creditors, forcing dissenting banks including Axis Bank, RBL Bank, and IndusInd Bank to accept a haircut exceeding 99%.
3
The court ordered the exclusion of claims from 1,260 individuals and directed the Resolution Professional to redistribute the ₹6.5 crore among the remaining eligible creditors.