NCLT pauses Subhash Chandra's ₹6.25cr plan over ₹22,006.57cr
The National Company Law Tribunal (NCLT) has paused its earlier approval of Essel Group Chairman Subhash Chandra's ₹6.25 crore repayment plan.
This plan was meant to cover massive claims (₹22,006.57 crore) tied to personal guarantees Chandra gave for loans taken by companies associated with the Essel Group.
For now, he can't sell or transfer any properties until the matter is heard afresh by the five-member special bench.
NCLT split sends case for rehearing
Turns out, NCLT members couldn't agree on the plan: one approved it for some creditors, another rejected it over alleged irregularities, and a third tried to make it binding for all creditors.
With no clear consensus, the case is now with a special five-member bench that will take another look.
Until then, everything stays on hold for Chandra and Chandra's properties.