NCLT bars Subhash Chandra from disposing of properties in insolvency case
A five-member special NCLT bench constituted to hear the personal insolvency case of Subhash Chandra on Tuesday issued notices to all the parties and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly.
Last week, NCLT approved a repayment plan under which creditors are set to recover about Rs 6.25 crore from Chandra's personal estate against claims of roughly Rs 22,006 crore.
Chandra said the Rs 22,006 crore figure had been widely misunderstood because it represented claims arising from personal guarantees he had provided for loans taken by companies associated with the Essel Group, rather than money he had personally borrowed.
The five-member bench, led by President Justice Anupinder Singh Grewal, said that since there was no majority view among the members, including the third member, there was no final order and the verdict could not be given effect to.
"Let notice be issued to all the parties," the National Company Law Tribunal (NCLT
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