What is a 'haircut' that media baron Subhash Chandra got from NCLT?

Media baron and Zee Founder Subhash Chandra got a 99.97% haircut as the NCLT approved his plan to pay ₹6.5 crore to settle debt worth ₹22,000 crore. A financial 'haircut' means the percentage of a debt that lenders agree to write off or forgive because the borrower can't repay the full amount. The 'haircut' amount reflects losses borne by lenders.