A five-member special NCLT bench constituted to hear the personal insolvency case of Subhash Chandra on Tuesday issued notices to all the parties and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly.
Last week, NCLT approved a repayment plan under which creditors are set to recover about ₹6.25 crore from Chandra’s personal estate against claims of roughly ₹22,006 crore.
Chandra said the ₹22,006 crore figure had been widely misunderstood because it represented claims arising from personal guarantees he had provided for loans taken by companies associated with the Essel Group, rather than money he had personally borrowed.
The five-member bench, led by President Justice Anupinder Singh…