New Delhi: Rahul Gandhi attack on Thursday as Neta-Company Loot Tribunal not National Company Law Tribunal (NCLT) as Union Government approved payout of Rs. 6.5 crores of NCLT.

He said that Modi- led NDA Government has approved payout of Rs. 6.5 crores of NCLT apporoved media owner Subhash Chandra. The total of Rs. 22, 006 crores of payment is due by the Subhash Chandra’s media.  Rahul Gandhi called this as Neta-Company Loot Tribunal and calling the move not merely a haircut but a mundan. He said the haircut approval by the NCLT makes a complete mockery of the Insolvency and Bankruptcy Code, 2016.

In a statement 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. Chandra claimed that he has not borrowed any money from any lender, he added.

Rahul Gandhi attacked Union Government and said it has created two systems one for a handful of billionaires and the other for everyone else. In his twitter x post said that 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, he added.

The insolvency tribunal approved a repayment plan under which Chandra will pay just Rs 6.5 crore to settle admitted creditor claims of about Rs 22,006.57 crore in his personal insolvency resolution process, translating into a haircut of nearly 99.97 per cent for lenders.

NCLT member (judicial) Nilesh Sharma, ruling as a third member, on Tuesday approved the plan under Section 114 of the Insolvency and Bankruptcy Code (IBC), rejecting objections by lenders that the recovery was too meager to merit approval.