₹6.5 Crore Settlement For ₹22,000 Crore Loans

Generally, when common public miss out on their bank payments, they are levied with huge fines and restrictive measures by the authorities. This includes a lot of late payment fees and further reporting to the CIBIL for reduction in the credit points. 

But now we have the case of an individual businessman who took more than ₹22,000 crore in loans from creditors and banks but ended up getting a much lesser solvency penalty. 

Indian billionaire businessman Subhash Chandra Goenka, Ex Member of Parliament and Founder of Zee TV will now settle his Rs 22 thousand crore debt of Indian Banks and other creditors by paying just Rs. 6.5 crore. 

This came after The National Company Law Tribunal has approved a repayment plan proposed by him in his personal insolvency resolution process.

This would essentially mean that 99% of the loan money that he had taken will not be paid back and less than 0.05% is going to be paid towards solvency. 

This shocking approval that was made by the national company tribunal is leaving everyone perplexed on social media. People are questioning how the tribunal could permit an individual who took Rs 22,000 crore to get away with just Rs 6.5 crore in repayment.