Zee founder Subhash Chandra’s Rs 6.25-cr settlement plan against Rs 22,006 cr claims on hold
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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