A five-member Bench of the National Company Law Tribunal (NCLT) on Tuesday stayed the operation of the August 25 verdict approving a repayment plan proposed by Zee Group founder Subhash Chandra, holding that no clear majority view had emerged in the matter.
The Bench, headed by President Justice (retd) Anupinder Singh Grewal, decided to hear the case afresh and issued notice to all parties. It also restrained Chandra from alienating any property, directly or indirectly.
The dispute arises from personal insolvency proceedings initiated by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC). Chandra’s plan proposed payment of ₹6.25 crore against admitted claims of ₹22,006.57 crore.
The original two-member Bench had delivered divergent opinions, following which a third member, Judicial Member Nilesh Sharma, approved the plan on August 25, subject to certain modifications, and held that it would bind all creditors, including dissenting creditors.