Subhash Chandra challenges NCLT 5-member bench in NCLAT appeal
Business
Subhash Chandra, Essel Group's chairman, is challenging the National Company Law Tribunal's decision to set up a rare five-member bench for his personal insolvency case.
He says this isn't allowed under current laws and feels the move is "faulty and wrong," as shared by his lawyer Sasmit Patra at the appellate tribunal on September 2.
Creditors claim ₹22,006cr, Chandra offers ₹6.5cr
The five-member bench was formed after judges couldn't agree on Chandra's case, leading to a split verdict.
While some want more voices because of conflicting rulings, Chandra's camp insists earlier judgments were clear enough.
Meanwhile, creditors are claiming ₹22,006 crore. Chandra's repayment plan only offers ₹6.5 crore.
The next hearing is set for October 7, so stay tuned for what happens next.