HDFC Bank to challenge NCLT order

New Delhi: After an NCLT order approved a repayment plan that grants Essel Group founder Subhash Chandra a 99.97 per cent haircut on admitted creditor dues worth Rs 22,006 crore, HDFC Bank said on Thursday it is exploring an appeal before the National Company Law Appellate Tribunal (NCLAT).

A bank spokesperson said its admitted claim in the matter accounted for only 3.2 per cent of the total stated amount and that the loan facility was inherited from HDFC Limited following the merger of the two entities.

“With regard to the referred NCLT matter, HDFC Bank’s admitted claim was only 3.2 per cent of the total stated amount. The Bank inherited this facility, which was previously provided by HDFC Limited,” an HDFC Bank spokesperson told NDTV Profit.