- By Aditya Jha
- Tue, 01 Sep 2026 10:51 AM (IST)
- Source:JND
- NCLT stayed previous order in Subhash Chandra insolvency case.
- Five-member bench cited no clear majority views for decision.
- Subhash Chandra barred from transferring any of his properties.
Subhash Chandra Insolvency Case: Amid the ongoing controversy, a five-member bench of the National Company Law Tribunal (NCLT) on Tuesday stayed its previous order in the personal insolvency case against Zee media group founder Subhash Chandra. While issuing the order, the five-member bench stated that Chandra will not transfer his property either directly or indirectly. The bench clarified that the matter will be heard afresh, as there were no clear majority views on the previous order.
Bench Issues Fresh Notice
The high-profile comprised of President Justice (retd) Anupinder Singh Grewal, Judicial Members Bachu Venkat Balaram Das and Mahendra Khandelwal, and Technical Members Atul Chaturvedi and Ravindra Chaturvedi. It issued fresh notice to all the involved parties, further asking Chandra to not transfer his properties directly or indirectly.
Chandra Issues Clarification
Earlier, Chandra proposed to pay Rs 6.25 crore to creditors against the claims of Rs 22,006.57 crore. In an Instagram video on Monday, the Zee group founder stated that he has not borrowed any money in his personal capacity, adding that all the details are in the public domain.
Chandra asserted that he had acted as a guarantor for 18 to 20 borrowing firms directly or indirectly linked to the Essel Group, further defining it as his worst mistake. However, he emphasized that all the pending debts will be paid back to the banks. Chandra also stated that there was a sharp decline in his asset in the past few years.
Earlier, NCLT Member (Judicial) Nilesh Sharma, who delivered the judgment as the third member, on Tuesday approved the scheme under Section 114 of the Insolvency and Bankruptcy Code, overruling the creditors' objection that the recovery was meagre and unapprovable.
Sharma rejected the claims of opposing creditors, led by LIC Housing Finance, who argued that the payment was "unaffordable and illegal." It said that against the admitted claim of approximately Rs 22,006.57 crore, the repayment plan offered only Rs 6.25 crore to the creditors and Rs 25 lakh for processing costs.
(With inputs from news agency PTI)