Insolvency tribunal National Company Law Tribunal (NCLT) on Monday formed a five-member Bench to decide on media baron Subhash Chandra’s repayment plan in a personal insolvency case involving claims of more than Rs 22,000 crore after a division Bench failed to reach a majority verdict. The division Bench had referred the personal insolvency case against the Essel Group chairman to the tribunal’s president for fresh adjudication after failing to reach majority consensus on a proposed Rs 6.5 crore repayment plan despite referring the matter to a third judge.
The five-member Bench, formed for the first time in the NCLT’s history, will be led by President Justice Anupinder Singh Grewal. The other members are Bachu…