'Not haircut but mundan': Congress on NCLT clearing Subhash Chandra's Rs 6.5 crore payout

The NCLT has given the green light for Subhash Chandra's settlement of Rs 6.5 crore against outstanding dues of Rs 22,006 crore. This drastic resolution indicates a staggering 99.97 percent loss for the lenders. Congress has denounced this move as a travesty of the Insolvency and Bankruptcy Code. Despite dissent from creditors such as LIC Housing Finance, the tribunal emphasized its obligation to respect the commercial decisions made by creditors.