Indiabulls Housing Finance, now known as Samaan Capital, has decided not to challenge the National Company Law Tribunal’s approval of Zee group founder and chairman emeritus Subhash Chandra’s repayment plan, saying its recoveries from facilities extended to Chandra-linked entities have already exceeded the amount originally disbursed.
The company said the facilities were secured and that it had recovered money through measures including the sale of pledged shares and proceedings under the SARFAESI Act. It added that these recoveries included amounts realised even after claims were admitted under the Insolvency and Bankruptcy Code.
Samaan Capital Says NCLT Order Has No Material Impact
Samaan Capital said the amount receivable under the personal guarantor repayment plan should not be treated as representing its total recovery against the underlying exposure. The company maintained that its aggregate recoveries materially exceeded the amount it had originally disbursed. On that basis, it said the NCLT order would not have any material impact on its recoveries.
Indiabulls Housing Finance had initiated Chandra’s personal insolvency proceedings in 2022 over a ₹170 crore loan extended to Vivek Infracon, for which Chandra had provided a personal guarantee. The NCLT admitted the insolvency proceedings against him in April 2024.
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NCLT Approves ₹6.5 Crore Repayment Plan
On August 25, the NCLT approved a repayment plan proposed by Chandra under which a total of ₹6.5 crore is to be paid. Of this amount, ₹25 lakh is earmarked for insolvency process costs, while the remaining amount is intended for creditors.
Several lenders, including HDFC Bank, Axis Bank, Canara Bank, RBL Bank and Union Bank of India, opposed the repayment plan, according to the voting record. HDFC Bank had voted against the proposal and was considering challenging the NCLT order before the National Company Law Appellate Tribunal. The bank expects to recover about 3.2% of its total claim under the approved plan.
The repayment plan was approved by Nilesh Sharma, the third judicial member included in the insolvency proceedings in February 2026.
Chandra Says Loans Were Taken by Group Companies
Chandra has maintained that he did not personally borrow money from the creditors involved in the proceedings and had only provided personal guarantees for loans taken by companies.
Government sources indicated that the insolvency proceedings should not be interpreted as Chandra personally borrowing thousands of crores. They said about ₹2,574 crore of the claims related to loans for which he had provided personal guarantees when the loans were originally taken, while most other guarantees were subsequently given as additional security.
Chandra said companies for which he had given guarantees had borrowed nearly ₹45,000 crore as of January 2019, of which approximately ₹43,000 crore had since been repaid. He also stated that his net worth stood at ₹31.79 crore in 2024, including a house valued at about ₹25 crore.
