Subhash Chandra Moves Tribunal Against NCLT Order Restraining Asset Alienation
The tribunal posted the case for Sept. 29 after creditors challenged a plan to settle about Rs 22,006.57 crore in claims with Rs 6.25 crore.
- Zee Group founder Subhash Chandra moved the National Company Law Appellate Tribunal to challenge a September 1 order from the National Company Law Tribunal restraining him from alienating his assets.
- The NCLT special bench stayed an August 25 verdict permitting Chandra to settle personal insolvency proceedings by paying Rs 6.25 crore against admitted claims of Rs 22,006.57 crore.
- Creditors pointed to net-worth certificates from 2017 and 2018 showing figures of Rs 45,888 crore and Rs 40,562 crore, respectively, disputing asset transparency during the insolvency process.
- Directing Chandra to serve appeal copies to creditors, the NCLAT continues oversight of this case raising broader questions about promoter guarantees and the Insolvency and Bankruptcy Code.
- A September 29 hearing is scheduled while the CBI investigation into Chandra continues following an FIR filed earlier this month regarding loans from Life Insurance Corporation Housing Finance.
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Subhash Chandra moves tribunal against NCLT order restraining asset alienation
Media baron Subhash Chandra has appealed to the National Company Law Appellate Tribunal (NCLAT) against a five-member National Company Law Tribunal (NCLT) bench's order that prevents him from selling or transferring his assets while his personal insolvency case is ongoing.
Subhash Chandra challenges NCLT Bench's order in NCLAT
New Delhi: Essel Group founder Subhash Chandra has approached the National Company Law Appellate Tribunal (NCLAT) challenging the order of a five-member Bench of the National Company Law Tribunal (NCLT) that stayed approval of his repayment plan and restrained him from alienating his properties. The appeal came up for hearing before a three-member Bench of … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politi…
NCLAT takes up Subhash Chandra appeal against NCLT order on alienating assets
Earlier this month, the CBI registered an FIR against Subhash Chandra, several companies and their directors for allegedly inflating his net worth to avail loans from Life Insurance Corporation Housing Finance.
Subhash Chandra Moves NCLAT Against NCLT Order Restraining Alienation of Assets
Get latest articles and stories on India at LatestLY. A bench comprising Officiating Chairperson Justice (retd) Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra took up Chandra’s appeal and directed him to serve copies of the petition on the creditors. The matter has been posted for September 29. India News | Subhash Chandra Moves NCLAT Against NCLT Order Restraining Alienation of Assets.
Subhash Chandra challenges NCLT curbs on assets in Rs 6.5 crore repayment plan case
The case relates to a repayment plan proposed by Chandra in personal insolvency proceedings initiated by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC).
Subhash Chandra challenges NCLT order, NCLAT lists matter for Sept 29 - OrissaPOST
New Delhi: Essel Group founder Subhash Chandra has approached the National Company Law Appellate Tribunal (NCLAT) challenging the order of a five-member Bench of the National Company Law Tribunal (NCLT) that stayed approval of his repayment plan and restrained him from alienating his properties. The appeal came up for hearing before a three-member Bench of […]
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