Rahul Gandhi alleged the Modi govt created 'two systems,' one for billionaires and another for the common man. He criticised the NCLT, calling it a 'Leader-Company Loot Tribunal,' for favouring select businessmen over farmers and salaried people.
In a post on X, Gandhi cited a media report and alleged that while farmers and salaried people face action for loan defaults, select businessmen were given preferential treatment by banks.
Rahul Gandhi Alleges 'Two Systems' for Rich and Poor
Referring to the NCLT, Gandhi wrote, "NCLT - 'Leader-Company Loot Tribunal'." He alleged that if a farmer fails to pay Rs 50,000, their land is auctioned, while a salaried person missing an EMI faces pressure from banks. He also claimed that poor students face difficulties in obtaining education loans.
"If a farmer doesn't pay 50 thousand, 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," he said.
Gandhi further alleged that for selected friends, bank money is like personal property - withdraw as much as you want, repay whatever you feel like. "But for selected "friends," bank money is like personal property - withdraw as much as you want, repay whatever you feel like," he wrote on X.
Subhash Chandra Responds to Insolvency Proceedings
Meanwhile, Essel group chairman Subhash Chandra today said reports surrounding his personal insolvency proceedings before the National Company Law Tribunal (NCLT) have presented an incorrect picture of the claims against him, stressing that he was only a personal guarantor and had not personally borrowed money from any lender.
In a statement issued from his office, the Chairman of Essel Group, which owns Zee Media, said the total claims in the insolvency proceedings should not be equated with the current amount outstanding. He said while claims filed in the proceedings totalled about Rs 22,006 crore, of which Rs 21,696 crore were admitted, the claims of lenders that have objected to his repayment plan stood at Rs 3,992 crore. Of this, Rs 620 crore has already been settled, leaving Rs 3,372 crore, he said.
"I have to state that certain vested media houses are spreading wrong information about my personal insolvency matter in NCLT," Chandra said, urging media platforms to publish the facts and remove what he described as misinformation arising from interpretations of the court order.
'I was only a personal guarantor': Chandra
Giving the background, Chandra said the proceedings relate to personal guarantees provided to lenders of companies that were associated with the Essel Group, and not loans personally borrowed by him.
He said most of the guarantees were signed after January 24, 2019, when the group defaulted in the financial system, with borrowing entities having assured him that they would repay the loans.
Background of NCLT Order
The statement comes after an NCLT order in the long-running insolvency matter, which followed a difference of opinion between two members of the tribunal and was referred to a Third Member. The Third Member held that the repayment plan met the requirements for approval under Section 114 of the Insolvency and Bankruptcy Code and that the creditors' objections did not establish sufficient grounds for rejection. (ANI)
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