Tribunal Stays Subhash Chandra's Rs 6.25 Crore Settlement Plan
Quick Brief
A tribunal has officially stayed the resolution plan proposed by Subhash Chandra. The arrangement involved offering Rs 6.25 crore against substantial claims of Rs 22,006.57 crore. Additionally, a separate sum of Rs 25 lakh was set aside to cover insolvency expenses.
What Happened?
The tribunal has placed a stay on Subhash Chandra's repayment plan. Under the proposed arrangement, a payout of Rs 6.25 crore was structured against outstanding claims amounting to Rs 22,006.57 crore, with an extra Rs 25 lakh designated for insolvency-related costs.
Why It Matters
This legal development impacts the ongoing insolvency proceedings and the proposed financial recovery terms concerning massive claims against Subhash Chandra.
Key Facts
- The tribunal stayed Subhash Chandra's repayment plan.
- The proposed plan offered Rs 6.25 crore against claims.
- Total claims against the case stand at Rs 22,006.57 crore.
- A sum of Rs 25 lakh was earmarked for insolvency costs.
Compiled from 1 outlet
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