The record
Written from the 1 report below. Nothing here is unsourced.
- The NCLT's five-member bench has stayed a debt settlement proposal that would have allowed Zee Group founder Subhash Chandra to settle guarantees on a ₹22,000 crore loan by paying just ₹6.5 crore.
- The bench held that no valid order had actually been passed, since the original two-member bench could not agree and the decision by a third member, Neilesh Sharma, cannot be treated as an NCLT order.
- Along with the stay, the bench has barred Chandra from selling or transferring his assets.
- The report also frames the case within a wider debate on how large corporate loans are written off or settled, noting RBI figures that banks wrote off ₹16.35 lakh crore of bad loans between 2014-15 and 2023-24.
What to watch next
- The case is to go back to the original bench for a fresh hearing.
- The stay on Subhash Chandra selling or transferring his assets and what follows from it.
- Lenders tied to Chandra's group or family who approved the ₹6.5 crore settlement scheme and any scrutiny of them.
Related reporting
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1 report
Indian-language1
All filed from India
Named India · Aircel · Alok Industries · Bhushan Steel · DHFL · Essar Steel · Future Retail · Lanco Thermal · Reliance Infratel · Zee Group · Narendra Modi · National Company Law Tribunal · Nilesh Sharma
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