LIC Housing Finance Limited (LICHFL) has issued a clarification regarding media reports on the National Company Law Tribunal’s (NCLT) order concerning Dr. Subhash Chandra’s personal insolvency proceedings. LICHFL confirms its admitted claim of ₹1,322.39 crore and the repayment plan of ₹38.09 lakh. Crucially, LICHFL states that the NCLT order pertains only to the personal guarantor and does not adjudicate, discharge, dilute, or impact the corporate liabilities of the principal borrower entities.
LICHFL Addresses Media Reports on NCLT Order
LIC Housing Finance Limited (LICHFL) has provided clarification following media reports concerning an order from the National Company Law Tribunal (NCLT), Delhi Bench. The order relates to the personal insolvency proceedings of Dr. Subhash Chandra, a founder of the Zee Group, under the Insolvency and Bankruptcy Code, 2016.
Key Details of the NCLT Order
As per media reports, the NCLT has approved a repayment plan submitted by Dr. Subhash Chandra in his capacity as a Personal Guarantor. LICHFL has an admitted claim of ₹1,322.39 crore in these proceedings. The repayment plan outlines a payment of ₹38.09 lakh to LICHFL.
LICHFL’s Confirmation and Position
LICHFL confirms that it had sanctioned financial facilities across two loan accounts for which Dr. Subhash Chandra is the Personal Guarantor. The company asserts that it continues to hold and enforce its security interest over the secured assets that were charged or mortgaged in its favour. LICHFL maintains all its rights, security interests, enforcement remedies, and recovery avenues over these assets as per applicable law.
Impact on Corporate Liabilities
The company explicitly clarifies that the recent NCLT order specifically pertains to the Insolvency Resolution Process against the Personal Guarantor, Dr. Subhash Chandra. LICHFL emphasizes that the order does not, in any manner, adjudicate, discharge, dilute, or impact the corporate liabilities of the principal borrower entities.
Source: BSE
