The National Company Law Tribunal (NCLT) on Saturday gave the green light to a Rs 6.5 crore repayment plan submitted by Subhash Chandra, the founder of the Zee media empire, to settle outstanding dues with a consortium of lenders.
Three public‑sector lenders—LIC Housing Finance, Canara Bank and Union Bank of India—issued a joint statement that they will file an appeal, arguing that the plan undervalues the debt and fails to protect the interests of small‑ticket borrowers and the broader banking system.
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The appeal will be lodged with the NCLT’s appellate bench in New Delhi, where the lenders seek a revision of the repayment schedule, higher recovery amounts, and a review of the collateral valuation that underpins the plan.
