Tribunal twist: NCLT to hear Chandra plan again, this time with a bigger bench
The NCLT said there was no majority view on Chandra’s repayment plan. One member had favoured applying the repayment plan only to creditors who supported it, while another member held that the plan should apply to all creditors, including those who opposed it
The National Company Law Tribunal (NCLAT) has formed a new five-member special bench to reconsider the repayment plan proposed by Subhash Chandra, the founder of the Zee Group, in the loan repayment case. The previous three-member bench could not reach a majority view on how the plan would operate, leading to the formation of this larger bench.
The new bench, comprising NCLT President Justice Anupinder Singh Grewal, judicial members Bachu Venkat Balaram Das and Mahendra Khandelwal Das, and technical members Atul Chaturvedi and Ravindra Chaturvedi, will hear the matter on Tuesday. The plan, which proposes to pay ₹6.25 crore to creditors and ₹25 lakh for the insolvency process, totaling ₹6.5 crore against claims of ₹22,006 crore, has been challenged by creditors such as HDFC Bank and LIC Housing Finance.
The NCLT clarified that there was no majority view on Chandra’s repayment plan, with one member suggesting the plan should apply only to supporters and another arguing it should include all creditors. The tribunal decided to refer the case to the Hon'ble President due to the lack of a majority view, as per Section 419(5) of the Indian Companies Act.
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