A five-member bench of the National Company Law Tribunal (NCLT) on Tuesday put on hold the August 25 order approving a repayment plan proposed by Zee Group founder Subhash Chandra in his personal insolvency proceedings. The larger bench, headed by NCLT President Justice (retd) Anupinder Singh Grewal, found that the earlier proceedings had not resulted in a definitive majority view. It therefore decided to reconsider the matter afresh and issued notices to the parties. The bench also barred Chandra from transferring, disposing of or otherwise alienating his properties, whether directly or indirectly, during the pendency of the proceedings.
The insolvency proceedings were initiated by Indiabulls Housing Finance Limited under Section 95…