NCLAT issues notice on Subhash Chandra appeal against asset freeze
Essel Group's Subhash Chandra is fighting back after the National Company Law Tribunal (NCLT) restrained him from transferring or otherwise alienating his assets on September 1, 2026, as part of an ongoing insolvency case.
Now, the National Company Law Appellate Tribunal (NCLAT), led by Justice Yogesh Khanna, has issued notice on his appeal and has asked Canara Bank Stressed Asset Recovery Management Branch and HDFC Bank Limited for their side of the story.
Chandra's 22,006.57 cr settlement under review
Chandra's plan to settle a massive ₹22,006.57 crore in creditor claims with just ₹6.25 crore is also under review.
While one NCLT member approved it in August, disagreements over how votes were counted put everything on hold.
The NCLAT will take this up again on October 29 and 30, so it looks like this legal battle isn't ending any time soon.