HDFC Bank Considers Appeal Over Haircut in Chandra Repayment Plan
HDFC Bank is evaluating whether to appeal a corporate insolvency resolution plan that requires the lender to accept a 99.97 percent reduction on its outstanding claims against media executive Subhash Chandra. The bank views the proposed ₹6.5 crore repayment arrangement as financially unfavorable.
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HDFC looks to appeal 99.97% haircut on claims against Zee’s Chandra
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’s 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.
By TNN
Read full article →HDFC Bank may appeal ₹6.5-cr repayment plan for Subhash Chandra
The country's largest private lender said under the order, it expects to recover only 3.2% of its total claim.
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