HDFC may move NCLAT on Zee promoter settlement matter
HDFC said that its admitted claim in the insolvency proceedings was only 3.2% of the total stated amount.
- Aug 27, 2026,
- Updated Aug 27, 2026 6:01 PM IST
HDFC Bank may move the National Company Law Appellate Tribunal (NCLAT) against a repayment plan approved for Zee founder and promoter Subhash Chandra, the bank said in a statement on Thursday.
Under the repayment plan, Chandra is required to pay only Rs 6.5 crore against creditor claims of about Rs 22,006 crore.
HDFC said that its admitted claim in the insolvency proceedings was only 3.2% of the total stated amount. It also said it had opposed the settlement and voted against the resolution, which was approved by a majority of creditors.
"With regard to the referred NCLT matter, HDFC Bank admitted claim was only 3.2 % of the total stated amount. Bank inherited this facility, which was previously provided by HDFC Limited. HDFC Bank had opposed this settlement and had voted against this resolution, which was approved by the majority. The Bank is exploring an appeal at NCLAT," the lender said.
Chandra's office, however, issued a clarification on the size of the claims cited in the NCLT proceedings. In a statement, it said the total claim against Chandra as a personal guarantor was Rs 3,992 crore, and not Rs 22,006 crore.
"Chandra has not borrowed any money from any lender. Dr. Chandra is only a personal guarantor," the statement said. It said Rs 620 crore of the claims had already been settled, while the borrowing entities had offered to pay a further Rs 1,063 crore.
The statement also said that the total outstanding of all companies on 24th January 2019 was close to Rs 45,000 crores. Out of this, it added, they have returned close to Rs 43000 crores since that day. "That includes many of the lenders named in this order as well."
"Total guarantees signed were for approximately Rs 22,000 crores. Total claims in the case in point filed were totaling Rs 22,006 crores and admitted Rs 21,696 crores."
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What The NCLT Approved
The National Company Law Tribunal (NCLT) approved Chandra's repayment plan as part of his personal insolvency resolution proceedings.
The Rs 6.5-crore payout represents a recovery of about 0.03% of the admitted claims, resulting in a haircut of nearly 99.97% for lenders. The dues relate to Essel Group entities for which Chandra had acted as a personal guarantor.
The plan was approved under Section 114 of the Insolvency and Bankruptcy Code by NCLT Member (Judicial) Nilesh Sharma. He was appointed as the third member after the original two-member bench delivered a split verdict.
Several creditors opposed the plan, including HDFC Bank, Axis Bank, Canara Bank, RBL Bank, and Union Bank of India, Mint reported.
Why The Tribunal Approved It
The objections were led by LIC Housing Finance, which argued that the proposed payout was "unviable and unlawful".
But creditors representing 80.81% of the voting share backed the plan. The objecting creditors together accounted for less than 20% of the voting share.
LIC Housing Finance had an admitted claim of Rs 1,322.39 crore but was proposed to receive only Rs 38.09 lakh, or about 0.028% of its dues.
The tribunal also considered the value of Chandra's personal estate. Its valuation showed that his assets were worth significantly less than the amount offered under the plan.
The NCLT said rejecting the plan could leave Chandra facing bankruptcy, potentially reducing the prospects of recovery for creditors.
"If the plan is approved and the debtor's insolvency is resolved, putting him back on his feet, the objectors would ultimately stand a better chance of recovering their debts directly from the Principal Debtors," the tribunal said.
Once approved, the repayment plan will be binding on all creditors covered by it, including those who voted against it. The tribunal said dissenting creditors cannot separately pursue recovery of their full original claims outside the approved plan.
HDFC Bank may move the National Company Law Appellate Tribunal (NCLAT) against a repayment plan approved for Zee founder and promoter Subhash Chandra, the bank said in a statement on Thursday.
Under the repayment plan, Chandra is required to pay only Rs 6.5 crore against creditor claims of about Rs 22,006 crore.
HDFC said that its admitted claim in the insolvency proceedings was only 3.2% of the total stated amount. It also said it had opposed the settlement and voted against the resolution, which was approved by a majority of creditors.
"With regard to the referred NCLT matter, HDFC Bank admitted claim was only 3.2 % of the total stated amount. Bank inherited this facility, which was previously provided by HDFC Limited. HDFC Bank had opposed this settlement and had voted against this resolution, which was approved by the majority. The Bank is exploring an appeal at NCLAT," the lender said.
Chandra's office, however, issued a clarification on the size of the claims cited in the NCLT proceedings. In a statement, it said the total claim against Chandra as a personal guarantor was Rs 3,992 crore, and not Rs 22,006 crore.
"Chandra has not borrowed any money from any lender. Dr. Chandra is only a personal guarantor," the statement said. It said Rs 620 crore of the claims had already been settled, while the borrowing entities had offered to pay a further Rs 1,063 crore.
The statement also said that the total outstanding of all companies on 24th January 2019 was close to Rs 45,000 crores. Out of this, it added, they have returned close to Rs 43000 crores since that day. "That includes many of the lenders named in this order as well."
"Total guarantees signed were for approximately Rs 22,000 crores. Total claims in the case in point filed were totaling Rs 22,006 crores and admitted Rs 21,696 crores."
Don't Miss: 'Indian debt resolution justice...': Vijay Mallya takes a swipe after Subhash Chandra's settlement
What The NCLT Approved
The National Company Law Tribunal (NCLT) approved Chandra's repayment plan as part of his personal insolvency resolution proceedings.
The Rs 6.5-crore payout represents a recovery of about 0.03% of the admitted claims, resulting in a haircut of nearly 99.97% for lenders. The dues relate to Essel Group entities for which Chandra had acted as a personal guarantor.
The plan was approved under Section 114 of the Insolvency and Bankruptcy Code by NCLT Member (Judicial) Nilesh Sharma. He was appointed as the third member after the original two-member bench delivered a split verdict.
Several creditors opposed the plan, including HDFC Bank, Axis Bank, Canara Bank, RBL Bank, and Union Bank of India, Mint reported.
Why The Tribunal Approved It
The objections were led by LIC Housing Finance, which argued that the proposed payout was "unviable and unlawful".
But creditors representing 80.81% of the voting share backed the plan. The objecting creditors together accounted for less than 20% of the voting share.
LIC Housing Finance had an admitted claim of Rs 1,322.39 crore but was proposed to receive only Rs 38.09 lakh, or about 0.028% of its dues.
The tribunal also considered the value of Chandra's personal estate. Its valuation showed that his assets were worth significantly less than the amount offered under the plan.
The NCLT said rejecting the plan could leave Chandra facing bankruptcy, potentially reducing the prospects of recovery for creditors.
"If the plan is approved and the debtor's insolvency is resolved, putting him back on his feet, the objectors would ultimately stand a better chance of recovering their debts directly from the Principal Debtors," the tribunal said.
Once approved, the repayment plan will be binding on all creditors covered by it, including those who voted against it. The tribunal said dissenting creditors cannot separately pursue recovery of their full original claims outside the approved plan.