Creditors
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BreakingNCLT Stays Subhash Chandra's Repayment Plan, Bars Asset Sale for Creditor Protection
A special five-member National Company Law Tribunal (NCLT) bench has stayed the approval of a repayment plan proposed by Essel Group founder Subhash Chandra. The tribunal also prohibited Mr. Chandra from selling or transferring any of his assets, a move sought by dissenting creditors. This significant decision reverses an earlier NCLT bench order that had approved the repayment plan.
BreakingSubhash Chandra's ₹6.5 Cr Insolvency Settlement Sparks Creditor Outcry Over ₹22,000 Cr Claims
Essel Group founder Subhash Chandra is facing significant backlash from creditors over a proposed ₹6.5 crore settlement in his personal insolvency process. This settlement stands in stark contrast to the admitted claims of ₹22,000 crore, although Chandra clarifies that Indian bank claims are ₹5,311 crore, promising full repayment by principal creditors.
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