HDFC may challenge Rs.6.5-cr repayment nod
New Delhi/Mumbai, Aug. 28 -- HDFC Bank plans to challenge the National Company Law Tribunal (NCLT) order approving Zee group founder and chairman emeritus Subhash Chandra's Rs.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. HDFC Bank had opposed the plan and voted against it. The bank is now considering an appeal before the National Company Law Appellate Tribunal (NCLAT).
The approval came from third judicial member Nilesh Sharma on Tuesday, who acted as the tiebreaker after the original two-member NCLT bench gave different views on the plan. Sharma approved the plan and sent the matter bac...
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