NCLT's first-ever 5-member Bench to decide on Subhash Chandra repayment plan
The National Company Law Tribunal (NCLT) has formed its first-ever five-member Bench to resolve a deadlock regarding Subhash Chandra's ₹22,000 crore personal insolvency repayment plan. The move follows a split verdict among initial judges and a third-member review that failed to reach a majority consensus on whether to approve a ₹6.5 crore settlement.
Why it matters
This case sets a critical legal precedent for the interpretation of the Insolvency and Bankruptcy Code (IBC) regarding personal guarantors and the rights of dissenting creditors. The outcome will significantly influence how high-value personal insolvency cases are handled in India.
The National Company Law Tribunal (NCLT) on Monday (August 31, 2026) formed a five-member Bench to decide on media baron Subhash Chandra's repayment plan in a personal insolvency case involving claims of more than ₹22,000 crore after a Division Bench failed to reach a majority verdict.
The Division Bench had referred the personal insolvency case against the Essel Group chairman to the tribunal's president for fresh adjudication after failing to reach majority consensus on a proposed ₹6.5 crore repayment plan despite referring the matter to a third judge.
The five-member Bench, formed for the first time in the NCLT's history, will be led by president Justice Anupinder Singh Grewal. The other members are Bachu Venkat Balaram Das, Mahendra Khandelwal, Atul Chaturvedi and Ravindra Chaturvedi. The Bench will start hearing at 10.15 a.m. on Tuesday in the Principal Bench of NCLT.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in