Fugitive businessman Vijay Mallaya sent in his mock “congratulations” after the National Company Law Tribunal, or NCLT, cleared a repayment plan that grants Zee Group founder Subhash Chandra to pay just Rs 6.5 crore to settle admitted creditor claims of about Rs 22,006.57 crore, translating into a haircut of nearly 99.97 per cent for lenders .
“If True many congratulations to my friend Subhash. Many more borrowers have settled at a fraction. Indian Debt Resolution Justice I presume.
Banks and Government have admitted having recovered Rs 14,100 crores from me against a Judgement debt of Rs 6203 crores. In December 2025, Mallya, who is wanted in India over a default of Rs 9,000 crore that was loaned to erstwhile Kingfisher Airlines (KFA) by several banks, had questioned the Central government and public sector banks over what he described as inconsistent statements on the amounts recovered from him, and demanded the appointment of a retired judge to investigate the matter. In its 144-page-long order, Sharma said the resolution professional’s valuation showed Chandra’s personal estate was worth significantly less than the amount offered under the plan, and that dissenting creditors were unlikely to recover more by rejecting it, since he would then face bankruptcy rather than being able to pay from a position of financial recovery.
No media questions,” Mallya said, thumbing his nose at the order. Mallya said the government and banks were presenting conflicting figures in Parliament and to the public. Taking a swipe at Subhash Chandra’s Rs 6.5 crore payout to settle Rs 22,006 crore dues, the Congress said this makes a “complete mockery” of the Insolvency and Bankruptcy Code, 2016.
Earlier, the two members of the NCLT had given a split verdict, after which the president of the forum appointed Nilesh Sharma as the third member amid the difference of opinion.
