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The NCLT cleared a debt resolution plan allowing Essel Group founder #SubhashChandra to settle creditor claims of about 22,000 crore rupees by paying 6.5 crore rupees. The decision represents a 99.97% haircut for lenders and a recovery of just 0.03%. Congress leaders criticised the move, while Chandra said he...

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The beginning of a BIG Corporate War? Zee founder Subhash Chandra has made explosive allegations against Mukesh Ambani. Chandra claims Ambani once advised him not to repay his bank loans along with interest. He also alleges that Reliance tried to take control of Zee through an investor , a proposal he says he refused. Reliance however has rejected the allegations as “baseless”, denying that its media businesses were used to target Chandra. But the timing makes this far more intriguing. Chandra is currently at the centre of a controversial insolvency battle involving ₹22,006 crore in claims against him as a personal guarantor. The NCLT-approved plan reportedly offers creditors only about ₹6.5 crore, a nearly 99.97% haircut, while lenders including HDFC Bank and LIC Housing Finance are reportedly preparing to challenge the ruling. And now, accusations of a corporate takeover attempt, alleged advice on repayment of loans and a media-war charge have entered the picture. Allegations on one side. Denials on the other. But is this just a bitter fallout or the opening salvo of a much bigger corporate war? It seems to be more interesting facts will be revealing in upcoming weeks
2:30

The beginning of a BIG Corporate War? Zee founder Subhash Chandra has made explosive allegations against Mukesh Ambani. Chandra claims Ambani once advised him not to repay his bank loans along with interest. He also alleges that Reliance tried to take control of Zee through an investor , a proposal he says he refused. Reliance however has rejected the allegations as “baseless”, denying that its media businesses were used to target Chandra. But the timing makes this far more intriguing. Chandra is currently at the centre of a controversial insolvency battle involving ₹22,006 crore in claims against him as a personal guarantor. The NCLT-approved plan reportedly offers creditors only about ₹6.5 crore, a nearly 99.97% haircut, while lenders including HDFC Bank and LIC Housing Finance are reportedly preparing to challenge the ruling. And now, accusations of a corporate takeover attempt, alleged advice on repayment of loans and a media-war charge have entered the picture. Allegations on one side. Denials on the other. But is this just a bitter fallout or the opening salvo of a much bigger corporate war? It seems to be more interesting facts will be revealing in upcoming weeks

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