business ⚖️ NCLT cuts Subhash Chandra's debt liability massively
The NCLT has approved a repayment plan significantly reducing Subhash Chandra's liability to his creditors. This plan allocates only ₹6.25 crore against admitted claims totaling around ₹22,006.57 crore. This means creditors are set to recover just about 0.028% of their original claims. This massive haircut translates to roughly ₹22,000 crore being written off. The ruling provides a path forward for the Essel Group founder in his insolvency case.