Subhash Chandra insolvency: NCLT 5-member bench stays August 25 verdict, to hear case afresh
A five-member bench of the National Company Law Tribunal (NCLT) has stayed a previous verdict regarding the personal insolvency of Zee Group founder Subhash Chandra. The tribunal decided to hear the case afresh due to a lack of a clear majority view among the previous bench members.
Why it matters
The case is a significant test of India's Insolvency and Bankruptcy Code regarding personal liability and repayment plans for high-profile corporate founders.
A five-member bench of the National Company Law Tribunal (NCLT) on Tuesday stayed the operation of the August 25 verdict by a smaller bench of the tribunal in the personal insolvency case against Zee Group founder Subhash Chandra..The Bench, which comprised President Justice (retd) Anupinder Singh Grewal Judicial Members Bachu Venkat Balaram Das and Mahendra Khandelwal, and Technical Members Atul Chaturvedi and Ravindra Chaturvedi, said today that no clear majority view exists with respect to the previous verdict.
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