NCLT stays Zee founder Subhash Chandra's ₹6.5 crore repayment plan
The next hearing is on September 23, where the tribunal will address creditor objections and evaluate the proposal's validity.
The National Company Law Tribunal (NCLT) has suspended a previous decision allowing Zee founder Subhash Chandra to repay ₹6.5 crore, thereby re-opening a dispute over a proposal opposed by numerous lenders. A five-member special bench of the NCLT, headed by President Justice Anupinder Singh Grewal, stated that the earlier order by member Nilesh Sharma, delivered on August 25th, could not be enforced as it lacked the consensus of the entire tribunal.
The bench, which includes Justice Grewal, judicial members Bachu Venkat Balaram Das and Mahendra Khandelwal Das, as well as technical members Atul Chaturvedi and Ravindra Chaturvedi, on Tuesday prohibited Chandra from selling or transferring any of his assets, either directly or indirectly, while the matter is ongoing. Solicitor general Tushar Mehta argued on behalf of the creditors to safeguard Chandra's assets.
The NCLT issued notices to all parties and stated it would hear them extensively before making a decision on the repayment plan. The hearing is scheduled for September 23rd.
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