Subhash Chandra questions validity of 'faulty & wrong' NCLT order
Zee Group founder Subhash Chandra has challenged an NCLT order in the NCLAT, arguing that the tribunal lacked the authority to form a five-member special bench for his insolvency case. Chandra claims the order is legally flawed and has caused him undue public vilification.
Why it matters
This case highlights complex legal disputes within Indian corporate insolvency law and the procedural challenges faced by high-profile business figures.
NEW DELHI: A day after NCLT barred him from alienating any of his property and stayed its order allowing him to settle his personal insolvency proceedings by paying around Rs 6.3 crore as against admitted claims of Rs 22,006.5 crore, Zee Group founder Subhash Chandra questioned the validity of the order before NCLAT. He alleged the tribunal did not have the power to constitute a five-member special bench, as was done to decide his case.Senior advocate Sasmit Patra, appearing for Chandra, submitted before an NCLAT bench of officiating chairperson Justice Yogesh Khanna and technical members Barun Mitra and Ajai Das Mehrotra that the order was "faulty and wrong"."The scope of Section 419(5) is very limited. If there is a differing view, then that differing view has to be taken up by another member...
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