HDFC Bank Explores Appeal Against Essel Repayment Plan

A tribunal approved a plan for repaying money owed by Essel Group founder Subhash Chandra.

The plan means creditors would receive much less than the amount they claimed was owed.

The reduction, called a haircut, is 99.97 per cent.

The admitted creditor dues total Rs 22,006 crore.

HDFC Bank says it may ask another tribunal to review the decision.

That tribunal is called the National Company Law Appellate Tribunal, or NCLAT.

HDFC Bank said its own admitted claim was only 3.2 per cent of the total amount.

The bank also said the loan was originally provided by HDFC Limited and later inherited by HDFC Bank.