The bank said it had voted against the plan, which secured majority backing from creditors. It is now examining an appeal before the National Company Law Appellate Tribunal, or NCLAT. The facility came to the bank from HDFC Ltd, and its admitted claim represented 3.2% of the stated total.

The dispute follows reports that the Zee Group founder’s plan involved paying ₹6.5 crore against admitted claims totalling ₹22,006.57 crore. Chandra challenged that figure, saying he had not taken loans himself and that the proceedings concerned guarantees he had given for borrowing entities.

According to Chandra, creditors objecting to the plan have claims of ₹3,992 crore against him in his capacity as personal guarantor. He said ₹620 crore had already been settled, while the borrowing entities had offered another ₹1,063 crore. He also said those entities had repaid ₹43,000 crore so far and had assured settlement of any remaining dues.

An unnamed analyst cited support from nearly 81% of creditors while questioning the legal strength of a possible appeal. The analyst suggested that an argument about incomplete investigation of Chandra’s assets could provide a basis for challenging the decision. The report does not establish that HDFC Bank has filed an appeal.