NCLT president may decide on Subhash Chandra personal insolvency plan
The National Company Law Tribunal (NCLT) is at a standstill over Essel Group Chairman Subhash Chandra's personal insolvency plan.
He offered to pay ₹6.25 crore to settle more than ₹22,000 crore in claims, a 99.97% cut for creditors, which didn't get the green light from one tribunal member and was given a qualified/partial approval by the other.
Now, the NCLT president may step in and decide what happens next.
NCLT bench split after 3rd approval
Earlier, a third tribunal member had approved Chandra's plan in detail, but when it went back to the original two-member bench, they couldn't agree: one said no, while the other was only partly on board and let unhappy creditors try recovering their money separately.
Because of this split decision, things are paused until the NCLT president figures out how to break the tie.