HDFC Bank plans to challenge the National Company Law Tribunal (NCLT) order approving Zee group founder and chairman emeritus Subhash Chandra’s ₹ 6.5 crore repayment plan to resolve his personal insolvency proceedings.
India’s largest private lender told Mint on Thursday that, under the order, it expects to recover only 3.2% of its total claim. Chandra said the companies for which he had given guarantees had borrowed nearly ₹ 45,000 crore as of January 2019, of which about ₹ 43,000 crore had since been repaid. He said his net worth was ₹ 31.79 crore in 2024, including a house worth about ₹ 25 crore, and the plan was based on what he could pay from his own assets. The plan received 80.81% support from creditors by value. The case began over a ₹ 170-crore loan to Vivek Infracon, for which Chandra was a personal guarantor after the loan turned bad. Indiabulls Housing Finance—now called Sammaan Capital—approached the NCLT in 2022 seeking insolvency proceedings against Chandra.
HDFC Bank had opposed the plan and voted against it. HDFC Bank, LIC Housing Finance, Axis Bank, Canara Bank, RBL Bank and Union Bank were among those that opposed it.
The bank is now considering an appeal before the National Company Law Appellate Tribunal (NCLAT).
