New Delhi, Aug. 27 -- The National Company Law Tribunal (NCLT) has sanctioned a resolution plan allowing media entrepreneur Subhash Chandra to settle admitted claims of around Rs.22,006.57 crore by paying creditors only Rs.6.5 crore. The proposed recovery amounts to a reduction of nearly 99.97% in the lenders' claims.

The Congress slammed the NCLT order in Chandra's case, stating the massive reduction was not merely a "haircut" but a "mundan", adding that it makes a "complete mockery" of the Insolvency and Bankruptcy Code, 2016.

NCLT Member (Judicial) Nilesh Sharma, acting as the third member of the tribunal, approved the resolution plan on Tuesday under Section 114 of the Insolvency and Bankruptcy Code (IBC), according to PTI. The trib...