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The Latest Breaking News from NCLT

Insolvency appeals are time-bound, no leeway beyond 45 days: NCLAT

The NCLAT stressed insolvency proceedings are time-bound and appeals must be filed promptly. An appeal against a revival order was rejected for exceeding the allowed time. The tribunal noted a maximum 15-day condonable period for delayed filings. The suspended director's explanation for delay was deemed insufficient by the bench. Consequently,…

The Economic Times

NCLT rejects Jet Airways' liquidator plea seeking Rs 500 crore from Boeing

The National Company Law Tribunal dismissed Jet Airways' plea for a refund from Boeing. The tribunal cited a contractual dispute over advance payments requiring a full trial. Boeing had suspended agreements and adjusted advance payments against its admitted claim. Jet Airways entered liquidation after failing to secure a revival plan.…

The Economic Times

The Subhash Chandra insolvency controversy explained

Zee Group founder Subhash Chandra has been at the centre of a long-running insolvency battle over debts he had personally guaranteed for.

Newslaundry

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Supreme Court dismisses BDPL's plea, brings one of India's longest-running corporate disputes to end

The Supreme Court dismissed Bhagwati Developers’ appeal against the NCLAT judgment, bringing finality to a more than three-decade corporate dispute involving Peerless General Finance and share transactions dating to 1987-88. The NCLAT had rejected allegations of financial impropriety and upheld the validity of the corporate decisions and transactions.

The Economic Times

NCLT stays disposal of Byju's K3-linked assets auctioned for Rs 16 cr, flags valuation concern

The insolvency tribunal NCLT has ordered a status quo on Byju's K3 Education's assets. Assets worth Rs 150 crore were allegedly sold for only Rs 16 crore. The tribunal seeks verification of ownership and auction proceeds from the resolution professional. Comprint Tech Solutions, the bidder, must provide an inventory of…

The Economic Times

Subhash Chandra case: CBI lodges FIR against Essel Group chairman, others in Rs 1,322 cr fraud

The CBI registered an FIR against Essel Group chairman Subhash Chandra for alleged fraud. This action follows his opposition to a tribunal bench hearing his insolvency case. A special NCLT bench stayed approval of a repayment plan, noting a lack of clear majority. Chandra's personal insolvency process revealed a significant…

The Economic Times

NCLAT sets aside Zaveri Group's bid for Gujarat Hydrocarbons and Power SEZ

The NCLAT has overturned Zaveri Group's resolution plan for GHPSL. This decision mandates a restart of the insolvency process with new bids. The appellate tribunal cited an unverified presumption regarding SEZ de-notification. It also highlighted errors in the initial information memorandum provided. Consequently, fresh expressions of interest will now be…

The Economic Times

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NCLAT seeks status report on delayed Supertech housing projects by NBCC

The NCLAT has ordered the Supertech committee to file a status report within two weeks. This report will detail construction commencement and work awarding for sixteen NBCC-managed projects. Homebuyers had complained about significant delays beyond previously established timelines. The tribunal also directed the committee to address unpaid employee salaries for…

The Economic Times

Subhash Chandra insolvency case: NCLAT defers hearing to October 7

NCLAT has deferred the insolvency proceedings against Zee founder Subhash Chandra to October 7 after his counsel challenged the constitution of a five-member NCLT bench.

The Economic Times

NCLT larger bench stays Subhash Chandra insolvency verdict

A larger, five-member bench of the National Company Law Tribunal has put the August 25 ruling of a smaller tribunal bench on hold – a decision that had come out of the insolvency proceedings against Zee Group founder Subhash Chandra, according to Bar and Bench.

Newslaundry

NCLT puts Subhash Chandra repayment plan on hold, bars him from alienating properties

A special NCLT bench issued notices and banned property alienation in Subhash Chandra's insolvency case. The tribunal noted no majority view on the proposed repayment plan. Creditors are set to recover a small fraction of their admitted claims. The case reached the five-member bench after differing views from a two-member…

The Economic Times

NCLT forms 5-member bench to decide on Subhash Chandra's Rs 6.5 crore repayment plan

A new five-member bench will decide Subhash Chandra's repayment plan. This personal insolvency case involves claims exceeding twenty-two thousand crore rupees. A previous division bench failed to reach a majority verdict on the plan. Dissenting lenders have approached the insolvency appellate tribunal regarding the matter. The bench will commence hearings…

The Economic Times

Subhash Chandra Rs 22,000 cr case: NCLT fails to get majority view on insolvency plan with 99.7 percent haircut

Subhash Chandra's insolvency case: A tribunal bench referred the case for fresh adjudication. Lenders opposed a proposed repayment plan offering a deep haircut. The appellate tribunal NCLAT will hear the lenders' plea against a third member's order. This dispute arises from differing interpretations of insolvency code provisions. The case involves…

The Economic Times

Subhash Chandra's dissenting lenders Canara Bank, Union Bank move NCLAT against NCLT order

Dissenting lenders have challenged the NCLT order approving Subhash Chandra's personal insolvency plan. The Essel Group chairman's plan proposes a Rs 6.5 crore payment against creditor claims. Lenders argued that five entities linked to Chandra's family improperly influenced the voting process. The NCLT approved the plan after a third member…

The Economic Times

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The Economic Times

Subhash Chandra drops mention of Mukesh Ambani allegations, shifts focus to settling Essel debt

Subhash Chandra Rs 22,006 crore case: Zee founder Subhash Chandra has shifted focus from Ambani allegations. He is now addressing outstanding dues and defending his personal insolvency plan. Borrowers linked to his Essel Group have agreed to settle their obligations. Chandra stated he acted as a guarantor for these borrowing…

The Economic Times

Zee Entertainment shares crash 14% amid Subhash Chandra’s 99.97% loan haircut row

Zee Entertainment shares crashed on Monday after the NCLT approved a repayment plan involving founder Subhash Chandra. The plan entails a recovery of around Rs 6.5 crore against admitted creditor claims of Rs 22,006.57 crore, implying a 99.97% haircut.

The Economic Times

Dissenting creditors alleged family-linked entities cast 61.78 pc votes that cleared Subhash Chandra's insolvency plan

Dissenting lenders have alleged that five entities linked to Subhash Chandra’s family controlled 61.78% of voting rights and helped approve his personal insolvency plan. The plan proposes paying ₹6.5 crore against admitted creditor claims of about ₹22,006.57 crore, though Chandra disputes that claim amount.

The Economic Times

Sintex Industries: NCLAT upholds clean slate principle, rejects shareholder's plea for compensation

In a critical ruling, the National Company Law Appellate Tribunal (NCLAT) upheld the clean slate principle enshrined in the Insolvency and Bankruptcy Code (IBC), ruling against shareholder claims for reinstated rights post-resolution. Sintex Industries' compensation grievances were rejected, highlighting the IBC's supremacy over laws like the Companies Act. This verdict…

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The Economic Times

Zee founder Subhash Chandra's next move: An investment job in Switzerland

Subhash Chandra plans a professional role with Swiss investment firms. He will use his remaining Rs 6.5 crore for a repayment plan. Creditors will recover a fraction of their Rs 22,006.57 crore claims. The insolvency case stemmed from a personal guarantee for a loan default. Chandra expressed confidence in earning…

The Economic Times

Union Bank, LIC Housing Fin, Canara Bank challenge NCLT nod to Subhash Chandra resolution plan

Canara Bank, Union Bank of India, and LIC Housing Finance will challenge a repayment plan. The National Company Law Tribunal approved the plan for Dr Subhash Chandra's insolvency case. These lenders opposed the plan, which was approved by other private creditors. They are filing appeals before the National Company Law…

Newslaundry

Subhash Chandra takes on Mukesh Ambani, accuses TV18 of ‘misinformation’

Two days after the National Company Law Tribunal approved a repayment plan under which creditors will receive around Rs 6.5 crore against admitted claims of Rs 22,006.57 crore in his insolvency proceedings, Zee founder Subhash Chandra has directly accused Reliance Industries chairman Mukesh Ambani and his media network TV18 of…

The Economic Times

Zee's Subhash Chandra claims he has Rs 6.5 crore left, lives on rental income amid NCLT's 99.97% loan haircut row

Subhash Chandra has said Rs 6.5 crore remains with him and that he will have to pay the amount under the insolvency plan, while rental income from a partly leased residential property covers his expenses. His remarks come after the NCLT approved a Rs 6.25-crore repayment plan against admitted creditor…

The Economic Times

99.97% haircut? How the scissors worked in the Subhash Chandra case

NCLT has approved a resolution plan allowing Zee founder Subhash Chandra to pay about ₹6.5 crore against ₹22,006.57 crore in admitted claims in insolvency case. The 99.97% haircut has sparked controversy, but the claims relate to his role as a personal guarantor, not personal borrowing. Creditors can retain recovery rights…

The Economic Times

How and why Zee founder Subhash Chandra's Rs 22,006 crore debt was chopped to just Rs 6.5 crore

The NCLT approved Subhash Chandra's insolvency plan, allowing a settlement of Rs 22,006 crore claims for Rs 6.25 crore. Dissenting lenders find this payout unviable, while government sources call the haircut figure misleading. Chandra disputes the total claim amount against him, stating it is lower. Creditors retain rights against principal…

The Economic Times

NCLT Subhash Chandra Case: Rs 22,000 crore is not bank loan write-off, sources on order

The National Company Law Tribunal approved a repayment plan for Essel Group founder Subhash Chandra. This plan does not signify banks writing off nearly all of Rs 22,000 crore in loans. The Rs 22,006 crore figure represents claims against Chandra as a personal guarantor. Corporate borrowers remain liable for their…

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