Congress Slams NCLT's Approval of Subhash Chandra's Settlement Deal, Calls it 'Neta-Company Loot Tribunal'

The Congress on Thursday took a swipe at the government after the NCLT approved media baron Subhash Chandra's Rs 6.5 crore payout to settle dues of Rs 22,006 crore, dubbing the tribunal the 'Neta-Company Loot Tribunal' and calling the move not merely a haircut but a "mundan". The opposition party said the haircut approval by the National Company Law Tribunal (NCLT) makes a "complete mockery" of the Insolvency and Bankruptcy Code, 2016. In his reaction, Chandra said the total claim against him in the personal insolvency proceedings is only "Rs 3,992 crore" for which he was a personal guarantor and not the borrower. In a statement, Chandra claimed that he "has not borrowed any money from any lender". Attacking the government, Rahul Gandhi said it has created two systems -- one for a handful of billionaires and the other for everyone else. In a post in Hindi on X, he said, "NCLT -- 'Neta-Company Loot Tribunal'. If a farmer doesn't pay Rs 50,000, his land gets auctioned off. If a salaried person misses even one EMI, bank goons show up at the house. Poor students can't even get loans for education. But for select 'friends', bank money is like personal property -- withdraw as much as you want, repay whatever you feel like." "The Modi government has created two systems in the country -- one for a handful of billionaires, and another for everyone else," the Leader of Opposition in Lok Sabha said.