The NCLAT (National Company Law Appellate Tribunal) has deferred the insolvency proceedings against Zee founder Subhash Chandra to October 7, following a legal challenge by Chandra’s counsel over the constitution of a 5-member NCLT bench, reported ET Now on Wednesday.
The delay comes as major lenders including Union Bank, Canara Bank, and LIC Housing Finance, contest a tie-breaker judge’s order approving a ₹6.5 crore repayment plan against Chandra’s ₹22,000 crore in admitted liabilities.
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Earlier on Tuesday, a five-member special bench of the National Company Law Tribunal (NCLT) issued notices to all parties in the personal insolvency…