Mumbai: Indiabulls Housing Finance Ltd, now known as Samaan Capital, has decided not to challenge the National Company Law Tribunal (NCLT)’s approval of Zee group founder and chairman emeritus Subhash Chandra’s repayment plan.
Replying to queries emailed by Mint, Samaan Capital said the facilities extended to various entities related to Chandra were “secured in nature”, and added that the housing finance company, through its enforcement and recovery measures, had collected an amount exceeding the amount originally disbursed.
“… the Company has, through proactive enforcement and recovery measures including sale of pledged shares, actions under SARFAESI, recovered an aggregate amount materially exceeding the amount originally disbursed, including recoveries that took place after admission of claims under Insolvency and Bankruptcy Court (IBC),” said the company in the reply.
The NCLT approved a repayment plan allowing Subhash Chandra to pay ₹6.5 crore against admitted claims of ₹22,006.57 crore, binding creditors under its terms.
Indiabulls Housing Finance stated that they recovered significantly more than the amount originally disbursed, leading them to believe the NCLT's decision does not materially affect their recoveries.
The insolvency proceedings are against Chandra as a personal guarantor, not because he borrowed money directly; he claims he never personally borrowed from the creditors.
If Chandra does not comply with the repayment plan, the creditors may pursue further actions, potentially leading to bankruptcy proceedings and reduced recoveries for all involved parties.
The NCLT found the plan acceptable as creditors representing 80.81% of the voting share backed it, suggesting they believed it was the best recovery option given Chandra's asset limitations.
“Accordingly, the amount receivable under the repayment plan in IBC proceedings against the personal guarantor should not be viewed as representing the Company’s total recovery against the underlying exposure. Therefore, the order passed by the NCLT does not have any material impact on our recoveries,” it added.
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) empowers banks and other financial institutions to directly auction residential or commercial properties pledged with them to recover loans from borrowers.
Indiabulls Housing Finance was the financial creditor that triggered Chandra’s personal insolvency proceedings in 2022 over a ₹170-crore loan to Vivek Infracon, which Chandra had personally guaranteed. The NCLT admitted the insolvency proceedings against Chandra in April 2024.
On Thursday, Mint reported that HDFC Bank was considering challenging the NCLT order before the National Company Law Appellate Tribunal (NCLAT). HDFC had opposed Chandra’s repayment plan and voted against it. The bank expects to recover about 3.2% of its total claim under the plan.
On 25 August, the NCLT approved a repayment plan proposed by Chandra, the chairman and founder of Zee Entertainment Enterprises Ltd, under which he will pay ₹6.5 crore. Notably, under the repayment plan, ₹6.25 crore will be paid to creditors, while another ₹25 lakh will be used to cover insolvency process costs. Together, the two amounts total ₹6.5 crore, which is the overall amount proposed under Chandra’s repayment plan.
Mint first reported on Tuesday that the third judicial member of the insolvency court, Nilesh Sharma, who was included in February 2026 by the NCLT president, approved the repayment plan.
The voting record in the order copy shows several creditors, including HDFC Bank, Axis Bank, Canara Bank, RBL Bank and Union Bank of India, opposed the repayment plan.
