The National Company Law Tribunal has issued a significant directive to Essel Group chairman Subhash Chandra, barring him from disposing of his properties amidst an ongoing personal insolvency case, following a contentious split verdict on a repayment plan.
Photograph: ANI Photo
Key Points
- A special five-member NCLT bench has issued notices to all parties in Subhash Chandra’s personal insolvency case.
- The NCLT has directed Subhash Chandra not to alienate his properties, either directly or indirectly.
- The directive follows a split verdict on a repayment plan that proposed creditors recover Rs 6.25 crore against claims of Rs 22,006 crore.
- The NCLT bench will hear all parties, including dissenting creditors, to understand the scope…