The National Company Law Tribunal (NCLT), New Delhi, on 25 August approved the repayment plan of Dr. Subhash Chandra, chairman of the Essel Group and founder of Zee TV, under Section 114 of the Insolvency and Bankruptcy Code, 2016 (IBC), subject to the exclusion of two unsupported claims.
A Bench comprising Judicial Member Nilesh Sharma, acting as the Third Member after the Judicial and Technical Members delivered conflicting opinions, held that the requisite majority of creditors had approved the plan and directed that the matter be placed before the Original Division Bench for passing appropriate orders in terms of the majority opinion. Sharma observed:
“The requisite majority of creditors voted in favour of the Repayment Plan. The…