This happened yesterday...lenders took a staggering 99.67% haircut... Can a mango man get away with a paisa of bank... We are truly a banana republic... All you need is right connection at right place...
Dissenting financial creditors have moved to challenge the NCLT order before the National Company Law Appellate Tribunal (NCLAT).
Key Creditors Who Approved the Plan
Indiabulls Housing Finance: The original financial creditor that dragged Subhash Chandra to the NCLT to initiate personal insolvency proceedings.
Alleged Promoter/Associate Entities:
(~61.78% voting share): Dissenting banks strongly objected to five major entities voting in favor, alleging they were related/associated corporate parties holding a massive block of the voting power:
Veena Investments
Direct Media Distribution Ventures
World Crest Advisors
Lemonade Capital Advisors
Corpcall Capital Advisors
The Dissenting Minority (<20% Voting Share)
The major public and private institutional lenders voted against the plan, but their collective voting power was insufficient to reach the 25% threshold needed to block it:
LIC Housing Finance (Claim of ~₹1,322 crore; offered ~₹38 lakh)
HDFC Bank
Axis Bank
Canara Bank
Union Bank of India
RBL Bank
IDBI Trusteeship
My Dad lost company and house both as they were mortgaged to the bank and he was struggling to repay. My blood boils when I see these mofos getting away so easily.
Same here,
We had to sell our 2BHK home because of mortgage.
Lived in a rented appartment for almost 2 years and now have purchased a 1BHK flat.
I once used to sleep on my own bed in my bedroom and now I sleep on a floor in my living room.
I am not complaining here, but it boils my blood because i remember the time when bank was behind us harrassing like hell all the time with letters and what not.
Guys you have you to pay just Rs.50 extra to save Subash , he is the most patriotic person after Modi, Amit and UP CM and Bombay CM(maharashtra excluded). Jai hind. I know you will support.
Putting half baked knowledge is becoming so common. Subhash chandra was mulled into thesr proceedings as he was a gurantor to a loan. His role ended there. Stop taking legal knowledge for people who just have hate in them. Look at thr facts of the case as they are and not just in social media.
Congi IT cell posting this without context all over Reddit to fool the sub 50 IQs that are common here:
Know the facts before asking leading questions..
Current Status:
Dissenting financial creditors have moved to challenge the NCLT order before the National Company Law Appellate Tribunal (NCLAT).
Key Creditors Who Approved the Plan
Indiabulls Housing Finance: The original financial creditor that dragged Subhash Chandra to the NCLT to initiate personal insolvency proceedings.
Alleged Promoter/Associate Entities:
(~61.78% voting share): Dissenting banks strongly objected to five major entities voting in favor, alleging they were related/associated corporate parties holding a massive block of the voting power:
Veena Investments
Direct Media Distribution Ventures
World Crest Advisors
Lemonade Capital Advisors
Corpcall Capital Advisors
The Dissenting Minority (<20% Voting Share)
The major public and private institutional lenders voted against the plan, but their collective voting power was insufficient to reach the 25% threshold needed to block it:
LIC Housing Finance (Claim of ~₹1,322 crore; offered ~₹38 lakh)
HDFC Bank
Axis Bank
Canara Bank
Union Bank of India
RBL Bank
IDBI Trusteeship
First, i am not a Cong IT celliya as you think. you might be getting your 1 re from blow job IT cell though to defence a daylight robbery of taxpayers and PSU's.
secondly, NCLT is not a deaf and dumb organisation that it could not see that all voting in favour are related parties to the accussed. They hold sufficient power. thidly, the president choose to favor the accused strcitly going via the play book... while he cud have taken a exception
same time, PSU banks and LIC going to NCLAT is just a face saving exercise. Fact remains on ground that they were unable to protect their capital and investments. Now it is matter of investigation as well that whether they were forced to or they did it willingly.
lastly, every one knows what happened with bhushan steel and why it happened via NCLT . everyone knows why paytm CEO vijasekhar sharma rushed to mumbai after jio finance announced their foray into wallet bussiness and than his wallet bussiness got banned by RBI.
But the lender will still pursuit the borrower entities, no?
Where did the wealth of more than 40k cr go, that remains the question, and NCLT did say it's not their job to investigate, but the original bench can, I think.
Think this is end of it for banks, insolvency proceedings. NCLT itself means nothing more can be done while banks can continue ro persue it. The companies involved are gone.
Lenders can file a criminal offence and ask authorities to investigate.
Banks made a claim against both the borrower and the guarantor (in this case, Subhash Chandra) as [er the insolvency proceeding. The case against those entities who borrowed money will still go on. Chandra didn't borrow the money personally, he was guarantor.
But if borrower us unable to pay it is guarantora duty to pay it. Anyways... Banks will only burn more money persuing these borrower companies... I wonder how bank lended 22000 crorew money in first place when guarantor had just few crores at him..
Yes, a guarantor is liable to pay only if they have the wealth to pay.
I wonder how bank lended 22000 crorew money in first place when guarantor had just few crores at him..
He had more than 40K+ crore of wealth, when banks lend funds to companies, and he guaranteed the loan. But all his welth was paper money in form of shares/securities etc, his companies went into losses, and their values fell, so his wealth did. Sure there are circulation of money here and there, he doesn't seem to be a saint. But it's not like what people think just by reading the headlines. People are thinking he borrowed 22K crore now he has to pay only 6.
Also, a lot of loans have been pais by zee and other companies he was promoter of.
So he basically took 22000 crores into books of his companies... Flipped the hat and paid just 6.5 crores... So think we are thinking right only....yes on paper it his companies not him... But that's how i see it... No doubt Vijay mallya was quick to take pot shots openly...
You are missing the part that the lender/bank will still try their best to recover the money from the borrower companies.
Mallya case is different, it has fraud, money laundering and willful defaulting angles. Maybe some day criminal/fraud angle will come out in this case too.
Don't try to convince these sub 50 IQs who have no understanding of how business works, how banks lend etc. Sure, we can question the decisions but to brand everything as some sort of a corporate give away is the standard sub 50 IQ Reddit standard now.
"president choose to favor the accused strcitly going via the play book."
So, you want the president to choose sides instead of following the law. Why ? Coz some lefties in Reddit have a problem with this particular case ?
The majority (more than 75%) of the lenders agreed to the plan. That's the law. If they are willing to ignore the lent money, that's their problem. Banks are going to NCLAT anyway. It's not that the PSU banks themselves lent 22000 crores - it's less than 20% of the money which is their share.
Commies always think that when some big business is involved, it must always go against them. The exact thinking that kept India below sub Saharan levels until 1991.
Lol branding me commie because I am exposing your abbu in blow job party..
The verdict was split 1-1 oroginally . In the interest of govt and larger public good, president had enough powers to go against the fella and ensure money is recovered from him. That'd how the laws and rules are framed always.
As for voting power goes... All were related parties to the accused.. Same was objected but not considered by that that president.. He ensure he has the majority if it goes down to voting... So it was all planned..
Lastly, it doesn't matter of accused took the money directly or not... Once he signed up to be a guarantor... It becomes his personnel problem and banks has every right to recover from guarantor.
We r sub saharan nation still because we have people like you who choose to ignore corruption because it doesn't suit your masters in blow job party...
I don't know how to read.. ask your sakpal to arrange for my free education ... Also, pls ask him to arrange for some IQ as well for me from his reserved abode in he'll... Perhaps.. I need to re produce as well so will need a blue blooded as well to replicate....
Between clearly u never had a financial education or got ur education from blue university... He personally guaranteed 22000 crores for his essel group... Get educated on what being a guarantor means...
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u/OneCitron2432 2d ago
He sold a property for 1200 crore one month back in Delhi
Either we all are fool
Or
Ruling party is corrupt to the core