Mumbai, Aug. 27 -- Private lender HDFC Bank is likely to appeal before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order which approved a repayment plan which effectively grants Essel Group founder Subhash Chandra a 99.97 per cent haircut on admitted creditor claims of approximately Rs 22,006.57 crore, an HDFC Bank spokesperson stated here today.
"With regard to the referred NCLT matter, HDFC Bank admitted that the claim was only 3.2 pc of the total stated amount. HDFC Bank inherited this facility which was previously provided by HDFC Limited. The HDFC Bank opposed the settlement and voted against the resolution, which was nevertheless approved by a majority. The HDFC Bank is exploring filing an appeal at the NCLAT,...