NCLT Puts Subhash Chandra’s Repayment Plan on Hold
What Happened
The NCLT's five-member bench stayed an earlier order approving Zee founder Subhash Chandra’s ₹6.25-crore repayment plan against admitted claims of over ₹22,000 crore. The tribunal said there was no clear majority view in the earlier proceedings and decided to hear the personal insolvency case afresh.
Key Takeaways
The ruling is a setback for Subhash Chandra, as the approval of his settlement plan is now on hold and the insolvency proceedings will undergo fresh examination by the tribunal.