New Delhi, Aug. 27 -- Congress has criticised a repayment plan involving Essel Group founder Subhash Chandra. Creditors may recover only a fraction of their admitted claims.

Essel Group owns Zee Media. Chandra is the chairman emeritus of Zee Entertainment. He founded Zee TV in 1992 and Zee News in 1999.

Congress leader Jairam Ramesh described the outcome as a financial sacrifice. He said creditors were not merely receiving a "haircut". He compared the settlement with a "mundan", or complete shaving of the head.

Ramesh said the decision mocked the Insolvency and Bankruptcy Code, 2016.

"In finance terminology, when creditors are owed money, and the debtor repays only part of it, the difference expressed as a percentage is called a hairc...