NCLT Approves Subhash Chandra Repayment Plan Amid Creditor Opposition

Insolvency proceedings against Subhash Chandra began due to a personal guarantee. Chandra provided this guarantee for a 1.7 billion rupee (170 crore) loan that Indiabulls Housing Finance issued to Vivek Infracon Private Limited.

1. The National Company Law Tribunal (NCLT) approved the repayment plan following a split verdict from the initial two-member bench. The matter moved to a third member, Nilesh Sharma. He finalized the decision on August 25, 2026.

2. The approved plan provides ₹6.25 crore (62.5 million rupees) to creditors. Subhash Chandra stated that he has ₹6.5 crore (65 million rupees) remaining. He funds his living expenses through rental income from a partially leased residential property.

3. Subhash Chandra disputes the ₹22,006.57 crore claim. He contends his total liability as a personal guarantor amounts to ₹3,992 crore. He reports that ₹620 crore of this amount is settled. Borrowing entities have offered an additional ₹1,063 crore toward the balance.

4. Subhash Chandra stated that the companies he personally guaranteed repaid 430 billion rupees (approximately 5.18 billion USD) to lenders. He provided this figure on May 22, 2024.

1. Creditors received ₹6.25 crore (62.5 million rupees) against claims exceeding ₹22,000 crore (220 billion rupees). This recovery rate creates conflict among the major lenders in the case.

2. HDFC Bank and LIC Housing Finance formally opposed the plan approved by the National Company Law Tribunal (NCLT). LIC Housing Finance argued that the proposed recovery is unviable and unlawful.

3. Creditors are evaluating an appeal against the ruling by the National Company Law Tribunal (NCLT). Lenders seek to challenge the tribunal decision on repayment terms.

4. Subhash Chandra faces accusations regarding his recent claims about Reliance Group media entities. Reliance Group issued a statement on August 29, 2026, denying these claims and labeling them as baseless.