NCLT five-member bench stays Subhash Chandra’s ₹6.5 crore repayment plan, says earlier order was not majority view
The special bench was constituted by NCLT president Justice Anupinder Singh Grewal on Monday evening after the tribunal’s earlier bench found that there was no majority view on how the repayment plan should operate.
The National Company Law Tribunal's (NCLT) five-member special bench has stayed Subhash Chandra's ₹6.5 crore repayment plan, stating that the earlier approval did not represent a majority view of the tribunal. This development came after the earlier three-member bench could not reach a consensus on how the repayment plan should operate.
The NCLT has now asked both parties to provide their replies, and will hear all parties extensively before making a final decision on the repayment plan. The creditors, including LIC Housing Finance, HDFC Bank, and Union Bank of India, have challenged the NCLT order approving Chandra's repayment plan, and a hearing has been listed for Wednesday to consider whether intervention by the National Company Law Appellate Tribunal (NCLAT) is required.
Brief written by urgent.news from Live Mint's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- How Subhash Chandra’s Rs 6.25-crore resolution proposal sailed through indianexpress.com
