business π Congress slams Chandra's tiny settlement plan
Congress has strongly criticized the repayment plan put forward by Essel Group founder Subhash Chandra. This plan concerns creditors of Essel Group, which owns Zee Media, in India. The NCLT settlement allocates βΉ6.25 crore against total admitted claims of βΉ22,006.57 crore as of the relevant date. Congress leader Jairam Ramesh called this settlement a 'mundan,' mocking the Insolvency and Bankruptcy Code, 2016. Social media users reacted strongly to the implied loss of nearly 99.97% of the original claims. π