HDFC Bank to challenge NCLT approval of Subhash Chandra’s Rs 6.5-crore repayment

HDFC Bank plans to challenge a National Company Law Tribunal (NCLT) order approving a repayment plan proposed by Zee group founder Subhash Chandra, under which he will pay Rs 6.5 crore against admitted creditor claims of about Rs 22,006.57 crore.

HDFC Bank told Mint on Thursday that, based on the August 25 order, it stands to recover only 3.2 per cent of its total claim. The bank inherited the loan facility from HDFC Ltd following its merger with HDFC Bank. The exact amount of the loan could not be ascertained.

The bank had opposed the settlement and voted against the resolution, which was nevertheless approved by a majority of creditors. HDFC Bank said it is exploring an appeal before the National Company Law Appellate Tribunal (NCLAT).

The NCLT order approved Chandra's repayment plan, under which Rs 6.5 crore would be paid against admitted creditor claims of approximately Rs 22,006.57 crore. This amounts to a recovery of about 0.03% of the total admitted dues.

Mint had first reported on Tuesday that Nilesh Sharma, the third judicial member of the insolvency tribunal who was appointed in February 2026 by the NCLT president, had approved the repayment plan.

The voting record attached to the order shows that several major creditors, including HDFC Bank, Axis Bank, Canara Bank, RBL Bank and Union Bank of India, voted against the proposal.

Queries sent by Mint to Axis Bank, Canara Bank and RBL Bank seeking their comments remained unanswered.

Creditors raise objections

Creditors opposing the plan alleged that several votes in its favour came from entities connected to Chandra and should therefore not have been counted.

The voting record specifically names Veena Investments Pvt. Ltd, Direct Media Distribution Ventures Pvt. Ltd, World Crest Advisors LLP, Lemonade Capital Advisors LLP and Corpcall Capital Advisors LLP, alleging that they fall within the debtor's associate or related-party category.

Creditors also questioned the absence of a forensic investigation into Chandra's assets.

They pointed to a substantial gap between his historical and currently disclosed net worth. A certificate issued in 2018 had estimated Chandra's net worth at Rs 40,562 crore, while his currently disclosed net worth was around Rs 31.79 crore. Another certificate issued in 2017 had placed his net worth at approximately Rs 45,888 crore.

The objections have added to the scrutiny surrounding the repayment plan, particularly over how Chandra's assets were assessed and whether creditors received adequate information before voting on the proposal.