NCLT deadlock sends Subhash Chandra's ₹6.5cr plan to president
Business
The National Company Law Tribunal (NCLT) just handed off a tricky case involving Subhash Chandra's ₹6.5 crore repayment plan to its president, since the members couldn't agree on what to do.
Things got tangled when two tribunal members gave conflicting orders, so a third member was brought in, who ended up approving Chandra's proposal.
Banks seek urgent NCLAT hearing
But the original bench spotted issues with that approval and hit pause, saying no final order could be passed yet.
Now, big lenders like Canara Bank and Union Bank of India are challenging it at the NCLAT and asking for an urgent hearing.
The NCLT president will have to step in for appropriate directions.