Archive · 28 Aug 2026
Samaan Capital Won’t Challenge Chandra Repayment Plan Approval
Subhash Chandra was taken into insolvency proceedings because he guaranteed loans for companies connected to him.
The tribunal approved a plan requiring him to pay ₹6.5 crore.
This amount is much smaller than the ₹22,006.57 crore in admitted claims.
Samaan Capital, which started the insolvency case, says it has already recovered more than it originally lent.
Because of this, the company says the tribunal’s decision will not significantly reduce its recovery.
Most creditors by voting value supported the plan.
Several large banks, including HDFC Bank, voted against it.
HDFC Bank is considering appealing the decision.
Chandra says he did not personally borrow money and that the plan reflects what he can pay from his own assets.
Samaan Capital, formerly Indiabulls Housing Finance, will not challenge the National Company Law Tribunal’s approval of Subhash Chandra’s repayment plan.
The plan requires Chandra to pay ₹6.5 crore against admitted claims of ₹22,006.57 crore.
Samaan Capital said enforcement actions, including pledged-share sales and SARFAESI measures, recovered more than it originally disbursed.
The plan received support from creditors representing 80.81% of the voting share, while HDFC Bank and several other lenders opposed it.
Chandra said he never personally borrowed from the lenders and had only provided personal guarantees for loans taken by related companies.
- Who
- Subhash Chandra, Samaan Capital, and creditors including HDFC Bank and other lenders.
- What
- Samaan Capital decided not to challenge the National Company Law Tribunal’s approval of Chandra’s ₹6.5 crore repayment plan.
- When
- The tribunal approved the plan on 25 August; Samaan Capital’s decision was reported afterward. The article also says the matter will return to the regular bench for final directions.
- Where
- The proceedings are before the National Company Law Tribunal, with any appeal potentially going to the National Company Law Appellate Tribunal.
- Why
- Samaan Capital said its recovery measures had already produced more than the amount originally disbursed, so the plan would not materially affect its recoveries.
Plan supporters
Plan opponents
Whether the plan should be accepted
Plan supporters
Samaan Capital did not see grounds to challenge the approval because it said recoveries already exceeded its original disbursement. The tribunal also held that the required creditor majority supported the plan.
Plan opponents
HDFC Bank, LIC Housing Finance, Axis Bank, Canara Bank, RBL Bank, and Union Bank of India were among the creditors that opposed the plan. HDFC Bank was considering an appeal.
Meaning of Chandra’s liability
Plan supporters
Chandra and government sources said he did not personally borrow the money; he was pursued because he had provided personal guarantees for loans taken by related companies.
Plan opponents
Creditors’ proceedings treated Chandra as a personal guarantor responsible for the guaranteed obligations, even though the underlying loans were taken by companies.
Tribunal’s assessment
Plan supporters
The tribunal found procedural shortcomings but said they were not serious enough to reject the plan and that creditors had not shown sufficient prejudice.
Plan opponents
Opposing lenders voted against the plan, with HDFC Bank expecting to recover about 3.2% of its total claim under its terms.
- Repayment plan
- Chandra will pay ₹6.5 crore in total.
- Distribution
- ₹6.25 crore will go to creditors and ₹25 lakh will cover insolvency-process costs.
- Admitted claims
- Creditors’ admitted claims totaled ₹22,006.57 crore.
- Creditor support
- Creditors representing 80.81% of the voting share backed the plan.
- Proceedings trigger
- Indiabulls Housing Finance initiated the personal insolvency proceedings in 2022 over a ₹170-crore loan to Vivek Infracon that Chandra had guaranteed.
- Case admission
- The National Company Law Tribunal admitted the insolvency proceedings against Chandra in April 2024.
- Chandra’s stated finances
- Chandra said his net worth was ₹31.79 crore in 2024, including a house valued at about ₹25 crore.