‘Two systems’: Rahul hits out at Modi government over NCLT settlement plan for Subhash Chandra

Leader of Opposition in Lok Sabha Rahul Gandhi. File | Photo credit: PTI

Congress president 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 one for everyone else, after the National Company Law Tribunal (NCLT) approved a resolution plan that allows businessman Subhash Chandra to settle the ₹22,006 crore res.

In a post on X, Mr Gandhi quipped that NCLT stands for “Neta-Company Loot Tribunal”. He said, “If a farmer doesn’t pay 50k, his land will go up in price. If a salaried person misses even one EMI, bank goons will show up in the house. Poor students won’t even get education loans.”

“But for select ‘friends’, bank money is like personal property – withdraw as much as you want, repay as you feel like,” Mr Gandhi said, adding: “The Modi government has created two systems in the country – one for a handful of billionaires and one for everyone else.”

The NCLT has approved an installment plan under which Mr. Chandra can pay ₹6.5 crore against accepted creditors’ claims of ₹22,006.57 crore in the process of resolving his personal insolvency. For lenders, this represents a reduction of almost 99.97%.

Other Cong. leaders respond

Congress general secretary Jairam Ramesh described the settlement as “not just a haircut” but “mundane”, saying it was “a complete mockery of the Insolvency and Bankruptcy Code, 2016”.

“In financial terminology, when money is owed to lenders and the borrower pays back only a portion of it, the difference, expressed as a percentage, is called a deduction,” Mr. Ramesh explained in a post on X.

Congress general secretary Randeep Singh Surjewala claimed that such deals amounted to “loan waivers to industrialists in cut-off clothes”.

“How can you have haircuts 50%, 60%, 70%, 80% 90%, now 99%? So why do you have NCLT proceedings?” he asked.

Mr. Surjewala demanded that the Finance Minister disclose how much banks have lost due to deductions under NCLT proceedings in the last 12 years. He claimed that the figure could be “more than ₹10 lakh crore”, stressing that he had “some information” to support the claim.

Published – 27 Aug 2026 12:44 IST