Indian Masterminds Stories
Few insolvency cases have generated as much noise in as little time as the Subhash Chandra repayment plan before the National Company Law Tribunal. The headline number—Rs 22,006.57 crore of admitted claims against a personal contribution of just Rs 6.5 crore—has triggered outrage, confusion and competing claims about what was actually recovered. But beneath the dramatic arithmetic lies a far more important question: did the tribunal merely follow the law, or did the process expose serious gaps in India’s personal insolvency framework? This first part examines the numbers, the NCLT’s reasoning, the creditors’ vote and the strongest arguments on both sides, while separating what is established from what…