The record
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- The National Company Law Tribunal (NCLT) has reconstituted a five-member bench to reconsider the settlement plan in the personal insolvency case of media baron Subhash Chandra.
- The dispute arose after two members of the original bench gave conflicting rulings on his proposal to pay just Rs 6.25 crore against approved claims of over Rs 22,000 crore, and a third member's opinion failed to produce the required majority.
- The NCLT has issued notices to all parties and barred any decision on assets until a final verdict.
- The case stems from a Rs 170 crore loan from Indiabulls Housing Finance to Vivek Infracon, for which Chandra stood as a personal guarantor.
What to watch next
- What the newly reconstituted five-member bench decides on the Rs 6.25 crore settlement offer against claims of over Rs 22,000 crore.
- Whether dissenting lenders, including banks, are allowed to pursue their dues through independent legal remedies.
- Whether lenders press for a forensic audit into the discrepancy between Chandra's declared assets of about Rs 31.79 crore and earlier net-worth certificates listing over Rs 40,000 crore.
Related reporting
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Indian-language1
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Named India · IndiaBulls Housing Finance · National Company Law Tribunal · Vivek Infracon Private Limited · Ashokkumar Bharadwaj · CNBC-TV18 · Invesco · Nilesh Sharma · Reena Singh Puri · Reliance · Subhash Chandra · TV18 · Zee
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