The National Company Law Tribunal has approved a repayment plan under which media baron Subhash Chandra will pay Rs 6.2 crore to creditors against admitted claims of about Rs 22,006 crore in his personal insolvency resolution process, PTI reported on Thursday.This translates into a haircut of approximately 99.9%.In finance, when a creditor is owed a certain amount of money but the debtor only repays a portion of it, the percentage of the write off is known as a “haircut”.The tribunal is a quasi-judicial body that deals with corporate insolvency and company-law disputes.Since 2022, Chandra has been the subject of insolvency proceedings filed by Indiabulls Housing Finance Limited, now known as Sammaan Capital, Bar and Bench reported.Chandra had stood as a personal guarantor for a Rs 170 crore loan given to a firm, Vivek Infracon. After the loan turned bad, Indiabulls moved the National Company Law Tribunal in 2022 under Section 95 of the Insolvency and Bankruptcy Code for insolvency proceedings against Chandra. The plea was admitted in 2024.Chandra was a Rajya Sabha MP between 2016 and 2022. He was elected to the Upper House as an Independent candidate backed by the Bharatiya Janata Party.On Tuesday, National Company Law Tribunal Member (Judicial) Nilesh Sharma, ruling as the third member, approved the repayment plan under Section 114 of the Insolvency and Bankruptcy Code.Sharma rejected objections by lenders that the proposed recovery was too meagre to merit approval, Bar and Bench reported.Earlier, the two-member bench of the tribunal had delivered a split verdict on the repayment plan after which Sharma was appointed as the third member to resolve the difference of opinion, PTI reported.On Thursday, reacting to the size of the haircut granted to Chandra, Congress described it as a “mundan” or tonsure. “[It] makes a complete mockery of the Insolvency and Bankruptcy Code,” party leader Jairam Ramesh said on social media.Edited by Nachiket Deuskar.