Media baron Subhash Chandra, the founder of Zee, has been at the centre of insolvency proceedings over debts linked to companies of the group.
The National Company Law Tribunal (NCLT) has now approved a repayment plan under which Chandra will pay Rs 6.5 crore against admitted creditor claims of around Rs 22,006.57 crore.
The decision means creditors will recover nearly 0.03% of the admitted claims, resulting in a haircut of about 99.97%.
WHO IS SUBHASH CHANDRA?
Subhash Chandra is the founder of Zee, which is part of the parent Group, Essel.
The Rs 6.5-crore repayment relates to dues of Essel Group entities for which Chandra had acted as a personal guarantor.
In simple terms, Chandra had given personal guarantees for the debts of…