NCLT pauses Subhash Chandra hearings, seeks CBI view on repayment
Subhash Chandra, Zee founder, is in hot water over personal guarantees he gave for massive loans taken by companies linked to the Essel Group and the Zee Group.
The National Company Law Tribunal (NCLT) has now paused hearings and asked the CBI for its input on his proposed repayment plan.
Everything's on hold until all sides respond.
Creditors back ₹6.5cr repayment, lenders unconvinced
Chandra's offer to repay ₹6.5 crore got a thumbs-up from 80.81% of creditors by value, but big names like LIC Housing Finance and Axis Bank aren't convinced.
While the case plays out, the tribunal has barred him from selling or transferring any property held by him, directly or indirectly, during the pendency of the matter.
There are also some messy disputes about how certain claims were admitted, some going back to old family business splits.