business βοΈ Chandra's debt plan approved; big haircut for lenders
The NCLT has officially approved Subhash Chandra's repayment plan for his personal insolvency resolution process. This decision was made in relation to claims amounting to βΉ22,006.57 crore, with creditors receiving only βΉ6.5 crore. This massive reduction represents a severe 99.97% haircut for all lenders involved in the matter. The plan was previously backed by 80.814% voting support during a November 2024 creditor meeting. The case will now proceed back to the original two-member NCLT bench for the final formal order. πΈ