{"id":17337,"date":"2026-08-27T23:00:28","date_gmt":"2026-08-27T23:00:28","guid":{"rendered":"https:\/\/koshalsambada.in\/?p=17337"},"modified":"2026-08-27T23:00:28","modified_gmt":"2026-08-27T23:00:28","slug":"hdfc-looks-to-appeal-99-97-haircut-on-claims-against-zees-chandra","status":"publish","type":"post","link":"https:\/\/koshalsambada.in\/?p=17337","title":{"rendered":"HDFC looks to appeal 99.97% haircut on claims against Zee\u2019s Chandra"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div>\n<div class=\"e9jwa\">\n<div class=\"vdo_embedd\">\n<div class=\"GfdvZ\">\n<section class=\"_bIDB  clearfix id-r-component leadmedia undefined undefined  E9tg9 \" style=\"top:0px\">\n<div class=\"_bIDB\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"ypVvZ\">\n<div class=\"WGttI\"><img src=\"https:\/\/static.toiimg.com\/thumb\/msid-133580411,imgsize-59180,width-400,height-225,resizemode-4\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg\" alt=\"HDFC looks to appeal 99.97% haircut on claims against Zee\u2019s Chandra\" title=\"Creditors filed claims of Rs 22,006 crore against Subhash Chandra for the loans he backed.\" decoding=\"async\" fetchpriority=\"high\"\/><\/div>\n<\/div>\n<\/div>\n<div class=\"Ta7d_ img_cptn\"><span title=\"Creditors filed claims of Rs 22,006 crore against Subhash Chandra for the loans he backed.\">Creditors filed claims of Rs 22,006 crore against Subhash Chandra for the loans he backed.<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n<p>MUMBAI: With the National Company Law Tribunal this week clearing a repayment plan offering only Rs. 6.5 crore in a case concerning Zee Group\u2019s Subhash Chandra\u2019s personal guarantees for loans taken by his companies, <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/hdfc-bank\" styleobj=\"[object Object]\" class=\"\" commonstate=\"[object Object]\" frmappuse=\"1\" target=\"_blank\" rel=\"noopener\">HDFC Bank<\/a> said it is exploring an appeal.<span class=\"id-r-component br\" data-pos=\"4\"\/>Creditors filed claims of Rs. 22,006 crore against Subhash Chandra for the loans he backed, but the repayment plan approved by a majority of creditors and cleared by NCLT approves a 99.97% haircut \u2014 without impacting lender\u2019s right to recover from the actual borrowers.<span class=\"id-r-component br\" data-pos=\"6\"\/>Assenting creditors (80.8%) contested allegations of being related parties and argued that Rs. 6.5-crore plan offered a better outcome compared to pushing the personal guarantor into bankruptcy, since Chandra\u2019s net worth according to the resolution professional was only Rs. <!-- -->31.8 crore, of which Rs. 25 crore was his mortgaged house. Chandra has disputed the Rs. 22,000-crore liability, stating it reflected historical claims filed in 2022.<span class=\"id-r-component br\" data-pos=\"11\"\/><\/p>\n<p><h2>\u2018Was only a guarantor, did not borrow\u2019<\/h2>\n<\/p>\n<p><span class=\"id-r-component br\" data-pos=\"13\"\/>Chandra put objecting creditors\u2019 claims at Rs 3,992 crore, of which Rs 620 crore was settled, with borrowing entities offering another Rs 1,063\u20131,113 crore. The remaining Rs 16,201 crore of assenting claims was also being addressed by principal borrowers. He said he was only a personal guarantor and had not himself borrowed, adding that most of the guarantees were provided by him after group companies defaulted as lenders and made \u201cemotional appeals\u201d for guarantees, saying otherwise their employees would lose their jobs.<span class=\"id-r-component br\" data-pos=\"17\"\/>The assenting creditors said even after the settlement, principal borrowers (group companies) continued to remain on the hook.<span class=\"id-r-component br\" data-pos=\"19\"\/>HDFC\u2019s Rs 698 crore claim represented 3.2% of the sum. Other dissenters, accounting for around 15%, include Axis Bank, Canara Bank, RBL Bank, Union Bank UK, IDBI Trusteeship and LIC Housing Finance.<span class=\"id-r-component br\" data-pos=\"22\"\/>LIC Housing Finance said the order does not affect borrowers\u2019 corporate liabilities or its security.<span class=\"id-r-component br\" data-pos=\"24\"\/>The claims arise from Chandra\u2019s personal guarantees for borrowings by Vivek Infracon, Spirit Textiles, and Churu Enterprises, as well as mortgage-backed facilities for Essel Corporate Resources and Jayneer Infrapower.<span class=\"id-r-component br\" data-pos=\"26\"\/>The dissenting lenders argued that assenting creditors Veena Investments, Direct Media Distribution Ventures, World Crest Advisors, Lemonade Capital Advisors, and Corpcall Capital Advisors were related or associate entities and controlled 61.8% to 62% of voting rights, making them ineligible under Section 109(4)(b) of the IBC. <!-- -->They cited Veena\u2019s control by Sushila Devi Goel, wife of Jawahar Goel, the personal guarantor\u2019s brother, and links between partners of Lemonade and Corpcall and companies disclosed as related parties in Veena\u2019s accounts.<span class=\"id-r-component br\" data-pos=\"30\"\/>The 99.97% haircut headlines caught nationwide attention, with Congress general secretary Jairam Ramesh stating: \u201cThe National Company Law Tribunal has just approved a repayment plan of a noted businessman under which creditors will receive only Rs 6.5 crores against admitted claims of around Rs 22,006.57 crore. This is not just a haircut. It is actually a mundan and makes a complete mockery of the <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/insolvency-and-bankruptcy-code\" styleobj=\"[object Object]\" class=\"\" commonstate=\"[object Object]\" frmappuse=\"1\" target=\"_blank\" rel=\"noopener\">Insolvency and Bankruptcy Code<\/a>, 2016.\u201d<span class=\"id-r-component br\" data-pos=\"36\"\/>In a post on X, Vijay Mallya said, \u201cIf true, many congratulations to my friend Subhash,\u201d contrasting the outcome with his own case by claiming banks and the govt had recovered Rs 14,100 crore against a Rs 6,203 crore judgment debt while continuing to pursue him, signing off with \u201cIndian Debt Resolution Justice\u201d.<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/hdfc-looks-to-appeal-99-97-haircut-on-claims-against-zees-chandra\/articleshow\/133578433.cms\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creditors filed claims of Rs 22,006 crore against Subhash Chandra for the loans he backed. MUMBAI: With the National Company Law Tribunal this week clearing a repayment plan offering only Rs. 6.5 crore in a case concerning Zee Group\u2019s Subhash Chandra\u2019s personal guarantees for loans taken by his companies, HDFC Bank said it is exploring [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-17337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-31"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","medium_large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","1536x1536":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","2048x2048":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-small":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-small-tall":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-small-square":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-small-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-medium-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg","blogsy-wide":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg"},"magazineBlocksPostAuthor":{"name":"admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"Creditors filed claims of Rs 22,006 crore against Subhash Chandra for the loans he backed. MUMBAI: With the National Company Law Tribunal this week clearing a repayment plan offering only Rs. 6.5 crore in a case concerning Zee Group\u2019s Subhash Chandra\u2019s personal guarantees for loans taken by his companies, HDFC Bank said it is exploring [&hellip;]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 \u0b2c\u0b3f\u0b26\u0b47\u0b36"],"magazineBlocksPostViewCount":3,"magazineBlocksPostReadTime":3,"magazine_blocks_featured_image_url":{"full":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg",400,225,false],"medium":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg",300,169,false],"thumbnail":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/nclt-subhash-chandra-case-rs-22000-crore-is-not-bank-loan-write-off-sources-on-order.jpg",150,84,false]},"magazine_blocks_author":{"display_name":"admin","author_link":"https:\/\/koshalsambada.in\/author\/admin"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"#\" class=\"category-link category-link-31\">\u0b26\u0b47\u0b36 \u0b2c\u0b3f\u0b26\u0b47\u0b36<\/a>","_links":{"self":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts\/17337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17337"}],"version-history":[{"count":0,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts\/17337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/media\/17338"}],"wp:attachment":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}