Subhash Chandra tells NCLAT he was vilified over ₹6.5 crore plan; opposes 5-member NCLT bench formation
Zee Group founder Subhash Chandra has challenged the formation of a 5-member NCLT bench to oversee his insolvency proceedings. He claims he has been unfairly vilified by media reports regarding a proposed repayment plan for creditor claims.
Why it matters
The case highlights ongoing tensions between high-profile insolvency proceedings and the influence of media coverage on legal reputation and judicial processes.
Zee Group founder Subhash Chandra told the National Company Law Appellate Tribunal (NCLAT) on Wednesday that he has been vilified across the country over a proposed payment of ₹6.5 crore against admitted creditor claims of ₹22,006 crore even though no final order approving the repayment plan presently exists..Appearing for Chandra, Advocate Sasmit Patra said that the proceedings had resulted in a media trial that had tarnished Chandra’s reputation.“The fact is that there is no order today standing in this matter. But for the last 15 days, the personal guarantor, Dr Subhash Chandra, has been vilified across this country, saying that he has done ₹6.5 crore into ₹22,000 crore,” Patra submitted..Solicitor General Tushar Mehta, appearing for the appellant-lenders, objected to the submission.
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