HDFC Bank to Challenge Insolvency Court Order Cutting Subhash Chandra's Liability
MT Newswires Live
Aug 28
HDFC Bank (BOM:500180, NSE:HDFCBANK) plans to challenge an insolvency court ruling that approved a repayment plan substantially reducing the personal liability of media tycoon Subhash Chandra, according to a bank statement.
The lender opposed and voted against the resolution plan, which was backed by creditors.
The Delhi insolvency court cut Chandra's liability to 62.5 million rupees from claims of 220 billion rupees.
HDFC Bank said the loan accounts for 3.2% of total admitted claims, according to the statement.
Chandra disputed the claims, saying the personal insolvency proceedings involved 39.92 billion rupees, not 220 billion rupees, and that he had not borrowed money from any lender.
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