NCLT Stays Subhash Chandra Repayment Plan, ₹6.25 Crore Settlement Against ₹22,006 Crore Claims Put On Hold
Mumbai: A five-member bench of the National Company Law Tribunal (NCLT) has stayed the approval of Zee Group founder Subhash Chandra’s repayment plan. The plan, approved on August 25, allowed payment of Rs 6.25 crore against creditor claims exceeding Rs 22,006.57 crore. The tribunal also restrained Chandra from directly or indirectly selling, transferring or creating third-party rights over any…
Mumbai - A five-member bench of the National Company Law Tribunal (NCLT) has temporarily halted Subhash Chandra's repayment plan, approved on August 25. The plan allowed payment of Rs 6.25 crore against claims exceeding Rs 22,006.57 crore. The tribunal also barred Chandra from selling or transferring his assets. This is a first for NCLT's history, with a five-member bench constituted by NCLT President Justice Anoopinder Singh Grewal.
The larger bench deemed the August 25 decision lacking a clear majority opinion, with dissenting views from three earlier members. The Rs 22,006.57 crore figure pertains to personal guarantees provided by Chandra for loans from Essel Group companies. Lenders, notably LIC Housing Finance, challenged the settlement, deeming it "unviable and illegal".
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