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New Delhi, Sep 23 (SocialNews.XYZ) Essel Group founder Subhash Chandra has approached the National Company Law Appellate Tribunal (NCLAT) challenging the order of a five-member Bench of the National Company Law Tribunal (NCLT) that stayed approval of his repayment plan and restrained him from alienating his properties. The appeal came up for hearing before a three-member Bench of the NCLAT, which directed Subhash Chandra's counsel to serve copies of the petition on the creditors and implead them as parties to the proceedings. The Bench of Officiating Chairperson Justice Yogesh Khanna (retd) and Technical Members Barun Mitra and Ajai Das Mehrotra listed the matter for further hearing on September 29.

Mumbai, Aug 29 (SocialNews.XYZ) Union Bank of India is set to challenge the National Company Law Tribunal's (NCLT) approval of a resolution plan in the personal insolvency proceedings against Essel Group Chairman Subhash Chandra, according to a statement issued on Saturday. The personal insolvency proceedings against Chandra were initiated by Indiabulls Housing Finance Limited. In the statement, Union Bank of India, along with other creditors, including Canara Bank and LIC Housing Finance, had voted against the resolution plan and opposed its approval before the NCLT. "In the matter of personal insolvency case filed by Indiabulls Housing Finance Ltd against Subhash Chandra, Union Bank of India (UK) Limited along with other public sector undertakings like Canara Bank, LIC Housing Finance Ltd, etc, have rejected the resolution plan and pleaded before NCLT for not approving the same," it said.

New Delhi, Sep 5 (SocialNews.XYZ) Alleging the use of inflated net worth certificates for loans, the CBI booked businessman Subhash Chandra and seven others for cheating and criminal conspiracy that led to an alleged wrongful loss of over Rs 1,322 crore to LIC Housing Finance (LICHF), an official said on Saturday. The FIR, under penal provisions for criminal conspiracy, cheating, criminal breach of trust and criminal misconduct, was registered on August 31 on the complaint of LICHF General Manager Neeta Menghani, who works in the company’s corporate office at Cuffe Parade, Mumbai.

New Delhi, Sep 1 (SocialNews.XYZ) The National Company Law Tribunal (NCLT) on Tuesday stayed the operation of an earlier verdict approving a repayment plan in the personal insolvency proceedings against Essel Group founder Subhash Chandra and decided to hear the matter afresh. A five-member Bench of the NCLT, headed by President Justice (Retd) Anupinder Singh Grewal, said that no clear majority view had emerged on the August 25 verdict and issued notices to all parties involved. The Bench also restrained Chandra from alienating his properties, directly or indirectly, on a request made by Solicitor General Tushar Mehta, who appeared for the creditors.

According to reports, The Subhash Chandra case is being called a “99% haircut,” but the reality is more nuanced. He was a guarantor, not the primary borrower, while banks continue pursuing the companies and their assets. The companies had already repaid around ₹43,000 crore, and the ₹6.5 crore personal settlement was accepted based on his actual net worth.

New Delhi, Aug 27 (SocialNews.XYZ) There has been widespread reporting that banks have taken a 99.97 per cent haircut on over Rs 22,000 crore of loans to Essel Group founder Subhash Chandra, with the National Company Law Tribunal approving repayment of only around Rs 6.5 crore, but according to government sources, "this is incorrect". Subhash Chandra did not personally borrow Rs 22,000 crore. The Rs 22,006 crore figure represents the total claims admitted against him as a personal guarantor for debts borrowed by several Essel/Zee-linked companies. The sources said that only around Rs 2,574 crore of claims relate to loans where his personal guarantee was given at the time of the original borrowing.

New Delhi, Aug 27 (SocialNews.XYZ) After an NCLT order approved a repayment plan that grants Essel Group founder Subhash Chandra a 99.97 per cent haircut on admitted creditor dues worth Rs 22,006 crore, HDFC Bank said on Thursday it is exploring an appeal before the National Company Law Appellate Tribunal (NCLAT). A bank spokesperson said its admitted claim in the matter accounted for only 3.2 per cent of the total stated amount and that the loan facility was inherited from HDFC Limited following the merger of the two entities. “With regard to the referred NCLT matter, HDFC Bank's admitted claim was only 3.2 per cent of the total stated amount.