Banks Challenge NCLT Order on Chandra's 6.25 Crore Repayment Plan

Several major financial institutions are challenging a National Company Law Tribunal order that approved a repayment plan under which Essel Group founder Subhash Chandra will pay just 6.25 crore to settle personal guarantee liabilities amounting to creditor claims of approximately 22,006.57 crore. The appeal, filed before the National Company Law Appellate Tribunal, contests the plan's approval on August 25, 2026, which mandates a recovery of only about 0.03 percent for creditors. The repayment plan, which also allocates 25 lakh toward insolvency process costs, was sanctioned by NCLT Judicial Member Nilesh Sharma after a majority of financial creditors voted in its favor.