General U.S. NewsAug 27, 2026·2 min read

‘Two systems’: Rahul attacks Modi government over NCLT settlement plan for Subhash Chandra

The Hindu – National

Aug 27, 2026

‘Two systems’: Rahul attacks Modi government over NCLT settlement plan for Subhash Chandra

Summary

Subscribed with another email? Logout and Login with that one. Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription Updated - August 28, 2026 02:18 am IST - New Delhi Leader of the Opposition in the Lok Sabha Rahul Gandhi. File | Photo Credit: PTI Congress leader Rahul Gandhi on Thursday (August 27, 2026) accused the Narendra Modi government of creating “two systems” in the country, one for a handful of billionaires and another for everyone else, after the National Company Law Tribunal (NCLT) approved a resolution plan allowing businessman Subhash Chandra to settle ₹22,006 crore dues for ₹6.5 crore. In a post on X, Mr. Gandhi quipped that NCLT stood for “Neta-Company Loot Tribunal”. He said, “If a farmer doesn’t pay 50 thousand, his land gets auctioned off. Congress general secretary Jairam Ramesh described the settlement as “not just a haircut” but a “mundan”, saying it made “a completely mockery of the Insolvency and Bankruptcy Code, 2016”. “In finance terminology, when creditors are owed money and the debtor repays only part of it, the difference expressed as a percentage is called a haircut,” Mr. Congress general secretary Randeep Singh Surjewala alleged that such settlements amounted to “loan waiver of industrialists in garb of haircuts”. “How can you have haircuts of 50%, 60%, 70%, 80% 90%, now 99%?

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Congress general secretary Jairam Ramesh described the settlement as 'not just a haircut' but a 'mundan'

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