[REVISION HISTORY]

NCLT stays Subhash Chandra insolvency repayment plan

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-01 18:44 UTC → 2026-09-01 19:22 UTC · added ~~removed~~

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, ~~and~~ 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).

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