The 99.7% haircut to creditors is the lowest of the lows that NCLT could fall down to. Claims of over ₹22,000 crore and repayment of just: ₹6.25 crore. But the real absurdity begins when you examine the “80% creditor approval.” 1. Five creditors whose links with the Subhash Chandra or Essel group and controlled 61.78% of the voting share. Veena Investments — 77.15% was held by Sushila Devi Goel, wife of Subhash Chandra’s brother Jawahar Goel. Direct Media — 99.99% owned by Essel Corporate Resources, a group company. World Crest Advisors — Partner Basant Sharma was also recorded as a director in Veena Investments, Essel Corporate Resources etc. Lemonade Capital Advisors — Its partners Ravindra Pashte and Naresh Ingale had directorship links to entities into related-party network. Corpcall Capital Advisors — Its partner Vijay Bhujbal was also a director of Essel Highways and Essel Infraprojects. Indiabulls Housing Finance also voted YES. The irony: Indiabulls was the creditor that originally initiated the personal insolvency proceedings against Subhash Chandra. Now compare that with the institutions that voted AGAINST: Axis Bank; Canara Bank; HDFC Bank; IDBI Trusteeship / Franklin Templeton; LIC Housing Finance; RBL Bank; Union Bank of India. IndusInd Bank and another IDBI Trusteeship account also objected but did not vote. The decisive question was: Should that 61.78% voting block have been allowed to vote? And they manipulated to allow them.