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Informist, Tuesday, Aug. 25, 2026

 

NEW DELHI – A tie-breaker judge of the Delhi bench of the National Company Law Tribunal Tuesday voted for the approval of an INR 62.50 million repayment plan submitted by Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd., for admitted claims of INR 220.07 billion in personal guarantor insolvency proceedings. The approval of the resolution plan is subject to the exclusion of claims submitted on behalf of 1,260 individuals from Haryana from the final list of creditors and consequential redistribution of the repayment amount amongst the remaining eligible creditors, judicial member Nilesh Sharma said.

 

The resolution professional is required to prepare and place on record the revised and final list of creditors after giving effect to the aforesaid exclusions and taking necessary consequential steps for redistribution of the approved repayment plan value, Sharma said. The approved repayment plan will be binding upon all creditors, whether assenting or dissenting, Sharma said. 

 

The matter will now be placed before the original division bench to pass appropriate orders in terms of the majority opinion, Sharma said. The order of the third member, together with the orders of the members constituting the original division bench, will be placed before the president of the tribunal for appropriate administrative action, if required, Sharma said.

 

In 2022, the tribunal had admitted Sammaan Capital Ltd.'s plea to start insolvency proceedings against Chandra. The company had moved the tribunal against Chandra after a default on a loan of INR 1.70 billion given to Vivek Infracon Pvt. Ltd. Chandra had provided personal guarantees for the loan. 

 

Canara Bank, Axis Bank, HDFC Bank, and LIC Housing Finance Ltd. had voted against Chandra's repayment plan and sought its rejection by the tribunal. The value proposed under the plan constitutes only 0.028% of the value of Chandra's assets, they said. According to them, as per a 2018 certificate, Chandra's net worth was INR 405.62 billion.

 

The banks who opposed the repayment plan also argued that the votes cast by creditor Veena Investments Pvt. Ltd. and its subsidiaries Direct Media Distribution Ventures Pvt. Ltd. and World Crest Advisors LLP. ought not to have been considered by Chandra's resolution professional, as these entities fell within the category of associate parties of the personal guarantor. They said the resolution professional had failed to scrutinise the claims and voting rights of certain creditors before taking the plan into consideration for approval.

 

The division bench of the tribunal had differed on the approval of the resolution plan, after which the case was referred to the third judge. The third judge Tuesday ruled in favour of Chandra's repayment plan.

 

Tuesday, shares of Sammaan Capital Ltd. ended at INR 149.97 on the National Stock Exchange, up 0.4% from Monday. Shares of Zee Entertainment ended at INR 104.82, up 0.2%.  End

 

Reported by Surya Tripathi

Edited by Himanshi Gupta

 

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