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 back to the regular bench for further directions on its implementation. Government sources told Mint that the Subhash Chandra case should not be seen as Chandra personally taking loans worth thousands of crores. The insolvency case is against him because he had given personal guarantees for loans taken by several Essel and Zee-linked companies. The sources said only about Rs.2,574 crore of the claims relate to loans for which Chandra had given a personal guarantee at the time they were originally taken. Most of his other guarantees were given later as additional security. The companies that actually borrowed the money remain responsible for their loans. The repayment plan provides for about Rs.1,494 crore to be paid by these companies, apart from Rs.6.25 crore from Chandra's personal assets. Creditors can also continue to recover money from the companies and their securities, the government sources said. They added that the Rs.6.5 crore offered by Chandra reflects what can currently be recovered from his personal assets. Notably, under the repayment plan, Rs.6.25 crore will be paid to creditors, while another Rs.25 lakh will be used to cover insolvency process costs. Together, the two amounts total Rs.6.5 crore, which is the overall amount proposed under Chandra's repayment plan. Chandra, in a statement on Thursday, said he had never personally borrowed money from the lenders. "There is no personal borrowing by Dr. Subhash Chandra from any of the creditors named in the order or from any other creditor/lender. He only signed personal guarantees," it said. Chandra said the companies for which he had given guarantees had borrowed nearly Rs.45,000 crore as of January 2019, of which about Rs.43,000 crore had since been repaid. He said his net worth was Rs.31.79 crore in 2024, including a house worth about Rs.25 crore, and the plan was based on what he could pay from his own assets. The plan received 80.81% support from creditors by value. HDFC Bank, LIC Housing Finance, Axis Bank, Canara Bank, RBL Bank and Union Bank were among those that opposed it....