HDFC Bank, one of the creditors in the Zee TV founder Subhash Chandra personal guarantee case, said it was exploring filing an appeal at the NCLAT, against the recent NCLT order that had accepted Mr. Chandra’s repayment offer of ₹6.5 crore to clear personal guarantee liabilities amounting to creditors’ claims of ₹22,006 crore.
The bank said it had opposed and voted against this resolution, which was approved by the majority of creditors.
With regard to this NCLT matter, HDFC Bank said it’s admitted claim was only 3.2% of the total stated claim amount of ₹22,006 crore which works out to be around ₹705 crore. Besides this the borrower is liable for interest payment.
The Bank inherited this facility which was previously provided by HDFC Ltd, it stated.
LIC Housing Finance Ltd LICHFL), another dissenting creditor with admitted claims of ₹1,322.39 crore said it will continue to pursue against the principal borrowers irrespective of the outcome of the personal insolvency proceeding of Subhash Chandra.
“We clarify that the recent NCT order pertains to the Insolvency Resolution Process against the Personal Guarantor Subhash Chandra, under the Insolvency and Bankruptcy Code, 2016, and does not in any manner adjudicate, discharge, dilute or impact the corporate liabilities of the principal borrower entities in anyway,” LICHFL said.
LICHFL said it had sanctioned financial facilities across two loan accounts wherein Mr. Chandra is the Personal Guarantor.
“LICHFL continues to hold and enforce its security interest over the secured assets against which the financial facilities were granted, which have been duly charged/mortgaged in favour of LICHFL,” it said.
“Accordingly, LICHFL continues to hold and retain all its rights, security interests, enforcement remedies and recovery avenues over the said secured assets in accordance with applicable provisions of law,” it emphasised.
