Tribunal Hurdle To Subhash Chandra's Rs 22,000 Crore Debt Cut

The bench also directed that the guarantor shall not sell, transfer, alienate, encumber or otherwise deal with his properties, directly or indirectly, during the pendency of proceedings.

NCLT stays order approving Subhash Chandra's ₹6.5 crore repayment plan

A five-member bench is set to examine the plea from Indiabulls Housing Finance against Subhash Chandra. This review follows the NCLAT's validation of a Rs 6.5 crore payment order. Solicitor General Tushar Mehta contends that this ruling undermines the principles of the…

A Division Bench had failed to reach a majority verdict in a personal insolvency case involving claims of more than ₹22,000 crore

The NCLT said there was no majority view on Chandra’s repayment plan. One member had favoured applying the repayment plan only to creditors who supported it, while another member held that the plan should apply to all creditors, including those who opposed it

The matter has been sent to the NCLT President again following the difference of opinion. The President may appoint a third member or issue an order himself to reach a majority view.

Subhash Chandras Rs crore repayment plan hits a wall at NCLT

The creditors in Subhash Chandra’s insolvency case include several financial institutions, among them HDFC Bank, LIC Housing Finance, Union Bank of India, Canara Bank and Sammaan Capital, formerly known as Indiabulls Housing Finance, which initiated the insolvency proceeding…