Tribunal Stays Subhash Chandra's Rs 6.25 Crore Plan: What Happens Now?

The Subhash Chandra insolvency case has taken another turn.A five-member bench of the National Company Law Tribunal (NCLT) has stayed the August 25 order that approved the Zee Group founder's repayment plan of Rs 6.25 crore against admitted creditor claims of more than Rs 22,000 crore.The larger bench has also barred Chandra from selling, transferring or otherwise alienating his properties, directly or indirectly, while it hears the matter afresh. It has issued notices to the parties involved.The latest development follows a split in the earlier proceedings. The original two-member bench had delivered differing views on the repayment proposal. The matter was subsequently referred to a third member, who approved the plan on August 25.However, when the case returned to the original bench, it held that no clear majority opinion had emerged.