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2 clusters · 5 sources · 4 days · First seen 12 days ago · Last updated 8 days ago

Subhash Chandra personal insolvency legal dispute

Overview

The personal insolvency proceedings of Essel Group founder Subhash Chandra have faced significant legal setbacks. Initially, a National Company Law Tribunal (NCLT) order approved a repayment plan that would distribute ₹6.25 crore to creditors against admitted claims totaling approximately ₹22,006.57 crore. This plan, which represented a recovery of roughly 0.03% of the claims, led to a 14% plunge in Zee Entertainment shares on the Bombay Stock Exchange after lenders Canara Bank, Union Bank of India, and LIC Housing Finance announced intentions to challenge the order.

Following these challenges, a five-member Special Bench of the NCLT stayed the August 25 order, mandating that the matter be heard afresh. The tribunal also restrained Chandra from selling, transferring, or otherwise alienating his properties, whether directly or indirectly. A subsequent hearing is scheduled for September 23.

Entities

Subhash Chandra · LIC Housing Finance · Union Bank of India · Zee Entertainment · Essel Group

Timeline

8 days ago

[BUSINESS] 2 sources
NCLT stays repayment plan for Essel Group founder Subhash Chandra
The NCLT Special Bench has stayed a repayment plan for Essel Group founder Subhash Chandra, halting a proposal to pay ₹6.25 crore against ₹22,006.57 crore in admitted claims.
12 days ago

[BUSINESS] 3 sources
Zee Entertainment shares plunge 14% amid lender legal challenge
Zee Entertainment shares fell over 14% after three lenders challenged an NCLT-approved repayment plan for Essel Group founder Subhash Chandra involving a massive debt haircut.

Sources

blog.lukmaanias.com · indiantelevision.com · news9live.com · newsbytesapp.com · stonegatelegal.com.au