Subhash Chandra pushes back against tribunal order amid NCLAT review
Subhash Chandra, founder of Zee Group, is pushing back against a tribunal order that blocks him from moving his assets.
The order also paused an earlier ruling that let him settle huge personal debts by paying just ₹6.3 crore out of ₹22,006.5 crore claimed.
Now, the National Company Law Appellate Tribunal (NCLAT) is reviewing the case.
Chandra's lawyers challenge 5-member bench
Chandra's lawyers say the tribunal went too far by setting up a special five-member bench, something they claim isn't allowed under company law rules.
On the other side, major banks like Union Bank of India (UK) and Canara Bank are challenging Chandra's repayment plan.
The solicitor general suggested the petition filed against the third member's order for now but leaving room to bring it back if needed, as some parties might still raise objections.