The NCLT on August 26 approved Essel Group founder Subhash Chandra's repayment plan of Rs 6.5 crore against admitted claims of Rs 22,006.57 crore, a 99.97% creditor haircut. NCLT Member Nilesh Sharma ruled as tiebreaker after a split bench. Congress's Jairam Ramesh called it a "mundan" and a complete mockery of the IBC.
Read Full Article