Subhash Chandra fights tribunal asset freeze amid 6.25cr offer
Zee Group founder Subhash Chandra is fighting a tribunal order that blocks him from moving his assets while he deals with a massive debt case.
The dispute started when Indiabulls Housing Finance took him to court over unpaid dues, and Chandra responded with a repayment offer of ₹6.25 crore (plus ₹25 lakh for costs), a fraction of the admitted claims of ₹22,006.57 crore claimed.
Five member bench restrains Subhash Chandra
Things got complicated when judges at the National Company Law Tribunal couldn't agree on his plan, leading to mixed decisions and ultimately a five-member bench restraining Chandra from alienating any of his assets and staying the order that had upheld his repayment proposal.
Now, Chandra's appeal will be heard by the NCLAT on September 29, where he'll have to serve copies of the plea on the creditors and take steps to implead necessary parties.