NCLT stays Subhash Chandra repayment plan

Fortune India reports that the National Company Law Tribunal formed a five-member bench to stay a repayment plan of approximately six and a half crore rupees in the personal insolvency case of Zee Group founder Subhash Chandra. The tribunal directed Chandra not to dispose of any property and issued notices to the involved parties after determining there was no clear majority view on the previous verdict. Creditors alleged that Chandra is liable for thousands of crores in admitted claims, while Chandra maintained during an interview that his guarantees were for corporate loans rather than personal borrowings and noted that substantial amounts had already been paid.

India Today reports that the National Company Law Tribunal put on hold its earlier order allowing Zee Group founder Subhash Chandra to settle personal insolvency proceedings through a payment of six point twenty-five crore rupees against significantly higher admitted claims. A five-member special bench stayed the previous order, restrained Chandra from alienating his properties, and issued notices to all parties to hear the matter afresh due to differing opinions among earlier members. The publication details the history of the conflicting views among the judicial and technical members and notes Chandra's position that the claims stem from personal guarantees provided for corporate loans rather than direct personal borrowings.

Livemint reports that a five-member special bench of the National Company Law Tribunal stayed an earlier order approving Subhash Chandra's repayment plan of six point five crore rupees because it lacked a majority view. The tribunal issued notices to the parties and directed that the guarantor must not alienate any properties. Meanwhile, solicitors representing creditors appeared before the appellate tribunal to challenge the earlier approval, highlighting ongoing disputes regarding whether dissenting creditors are bound by the proposed settlement for loans tied to Essel and Zee-linked companies.

BusinessLine reports that a five-member bench of the National Company Law Tribunal stayed an August order approving a repayment plan of about six crore rupees proposed by Essel Group founder Subhash Chandra. The tribunal observed that no clear majority view had emerged among the members who previously heard the matter and barred Chandra from alienating his properties. Creditors had previously raised concerns regarding Chandra's historical net worth compared to his currently disclosed assets, while the proceedings arise from his role as a personal guarantor for debts linked to Essel and Zee companies.

A five-member Bench of the National Company Law Tribunal stayed an August 25 order that had approved a repayment plan proposed by Essel Group founder Subhash Chandra in personal insolvency proceedings. The tribunal found that no clear majority view had emerged among the members who heard the matter. Additionally, the Bench restrained Mr. Chandra from alienating his properties directly or indirectly, while creditors have challenged the approval before the National Company Law Appellate Tribunal.

A newly constituted five-member bench of the National Company Law Tribunal stayed the operation of its previous verdict approving Subhash Chandra's repayment plan against admitted claims. The tribunal observed that no clear majority view existed among the previous judicial members and decided to hear the case afresh. Furthermore, the tribunal issued formal notices and restrained Chandra from alienating any of his personal assets while the proceedings remain pending.