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3 clusters · 40 sources · 5 days · First seen · Last updated

NCLT stays Subhash Chandra insolvency repayment plan

Overview

The National Company Law Tribunal (NCLT) has stayed the implementation of the personal insolvency repayment plan for Essel Group founder Subhash Chandra. This follows an August 25 order that had approved a settlement involving Chandra paying approximately Rs 6.25 crore to resolve admitted creditor claims exceeding Rs 22,000 crore, a haircut of nearly 99.97 percent.

A five-member bench, led by President Justice (retd) Anupinder Singh Grewal, issued the stay after determining that the previous ruling lacked a clear majority opinion due to conflicting views among the original three members. The tribunal has issued notices to all involved parties and decided to hear the matter afresh.

In addition to halting the repayment plan, the NCLT has restrained Chandra, acting as a guarantor, from selling, transferring, or otherwise alienating his properties, whether directly or indirectly, while the proceedings remain pending. The case stems from personal guarantees provided by Chandra for loans taken by companies affiliated with the Essel Group. Major lenders, including LIC Housing Finance, Canara Bank, Union Bank of India, and HDFC Bank, continue to oppose the settlement due to the extremely low recovery rate. The matter is also being heard by the National Company Law Appellate Tribunal (NCLAT).

Entities

Subhash Chandra · Essel Group · National Company Law Tribunal · LIC Housing Finance · HDFC Bank

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. 13 days ago

    [BUSINESS] 22 sources
    Subhash Chandra: NCLT stays Rs 6.25-crore repayment plan

    The NCLT has stayed a repayment plan for Subhash Chandra that offered Rs 6.25 crore against Rs 22,000 crore in claims. The tribunal also barred Chandra from selling his properties during the rehearing.

  2. 16 days ago

    [BUSINESS] 7 sources
    Union Bank to challenge Subhash Chandra insolvency plan approval

    Union Bank of India will appeal the NCLT's approval of Subhash Chandra's insolvency resolution plan, citing significant debt haircuts and opposition from public sector lenders.

  3. 18 days ago

    [BUSINESS] 21 sources
    Subhash Chandra's insolvency plan approved by NCLT with 99.97% haircut

    The NCLT approved a repayment plan for Subhash Chandra to settle Rs 22,006 crore in claims with a Rs 6.5 crore payout, a 99.97% haircut that has prompted potential appeals from HDFC Bank.

Sources

aajtak.com · barandbench.com · bhaskarlive.in · businesstoday.in · deccanchronicle.com · desitalkchicago.com · dnaindia.com · english.mathrubhumi.com · english.publictv.in · independentpress.cc · indiacsr.in · indianbroadcastingworld.com · indiantelevision.com · indusbusinessjournal.com · latestly.com · loktej.com · marksmendaily.com · medianews4u.com · millenniumpost.in · morungexpress.com · munsifdaily.com · navabharat.com · navbharatlive.com · newindianexpress.com · news18.com · news9live.com · newsable.asianetnews.com · newsbytesapp.com · newslaundry.com · orissapost.com · sanjeevnitoday.com · scroll.in · socialsamosa.com · taxguru.in · tennews.in · theindianpanorama.news · thequint.com · theshillongtimes.com · timesnownews.com · yespunjab.com

This summary has been updated 4 times: see revision history