NCLAT issues notice to creditors on Subhash Chandra's plea; sets next hearing for October 29-30
The NCLAT has issued notices to creditors regarding a plea from Essel Group Chairman Subhash Chandra concerning his personal insolvency case. The tribunal has scheduled hearings for late October to address both the insolvency stay and a disputed settlement involving a significant discrepancy in claim amounts.
Why it matters
The case involves high-stakes corporate insolvency and legal precedents regarding the personal liability of major business figures.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday (September 29, 2026) issued notices to creditors on a plea filed by Essel Group Chairman Subhash Chandra and scheduled the matter for hearing on October 29 and 30, 2026.
Mr. Chandra had challenged before the appellate tribunal an order passed on September 1 by a five-member larger Bench of the National Company Law Tribunal (NCLT), which had stayed the order of a third tie-breaker judge in his personal insolvency matter and restrained him from alienating his assets.
The NCLAT has directed the creditors, who opposed the maintainability of Chandra's petition, among others, to file their reply within a week. A three-member Bench of NCLAT also granted a week's time to Subhash Chandra to file a rejoinder to the creditors' reply.
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