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Informist, Wednesday, Sept. 23, 2026

 

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--NCLT notice to CBI in Zee Entertainment Chandra repayment plan case 
--CONTEXT: CBI registered FIR vs Zee Ent Chandra in LIC Housing fraud case 
--CONTEXT: LIC Housing Fin is one of lenders in Zee Ent Chandra case 
--NCLT: Stay on order to approve Zee Ent Chandra IBC plan till final ruling 
--CONTEXT: Tie-breaker judge had approved Zee Ent Chandra's resolution plan

 

NEW DELHI – The five-member Bench of the National Company Law Tribunal Wednesday issued a notice to the Central Bureau of Investigation, seeking its response in four weeks, in a fraud case related to INR 65 million repayment plan submitted by Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd. The tribunal said CBI is investigating a fraud case which has bearing in the current personal guarantor insolvency proceedings against Chandra, hence, its response is needed.

 

Earlier this month, the Central Bureau of Investigation had registered a first information report against Chandra, several companies and their directors for allegedly inflating his net worth to avail loans from LIC Housing Finance. Housing Finance Ltd., one of the lenders in the insolvency case involving Chandra. The loans had subsequently turned into defaults, causing an alleged loss of over INR 13.22 billion to the public sector lender. 

 

Further, the special bench said its interim order to stay the tie-breaker judge order on approval of the INR 65 million repayment plan submitted by Chandra for admitted claims of INR 220.07 billion for all creditors, will remain till final disposal of the case. It asked all the parties to file convenient compilations, an organised book of key documents, pleadings, and court judgments submitted to a judge for quick reference during a legal hearing.

 

After the deadlock between three members of the Delhi bench of the National Company Law Tribunal to approve Chandra's repayment plan, the Delhi tribunal had formed a five-member bench to hear the case. The bench comprises judicial members Anupinder Singh Grewal, Bachu Venkat Balaram Das and Mahendra Khandelwal, and technical members Atul Chaturvedi and Ravindra Chaturvedi. 

 

Three different views were taken by three different members of the tribunal on Chandra's repayment plan in personal guarantor insolvency proceedings. The judicial member of the tribunal, who was hearing the case earlier, had approved Chandra's repayment plan for only assenting creditors, with liberty to banks, financial institutions, and dissenting creditors to recover their debt through debt recovery processes such as debt recovery tribunals. The technical member of the tribunal, who was hearing the case, had rejected Chandra's repayment plan. The tie-breaker judge, to whom the case was sent to resolve the impasse, had approved Chandra's plan for all creditors and extinguished the rights of even dissenting creditors to recover their money through other means.  

 

In 2022, the tribunal had admitted Sammaan Capital Ltd.'s plea to start insolvency proceedings against Chandra. The company had moved the tribunal against Chandra after a default on a loan of INR 1.70 billion given to Vivek Infracon Pvt. Ltd. Chandra had provided personal guarantees for the loan. 

 

Canara Bank, Axis Bank, HDFC Bank, and LIC Housing Finance Ltd. had voted against Chandra's repayment plan and sought its rejection by the tribunal. The value proposed under the plan constitutes only 0.028% of the value of Chandra's assets, they said. According to them, as per a 2018 certificate, Chandra's net worth was INR 405.62 billion.

 

At 1041 IST, shares of Zee Entertainment Enterprises were down 0.9% at INR 77.57 on the National Stock Exchange. Shares of HDFC Bank were up 0.2 at INR 740.20 and those of LIC Housing Finance were up 1.2% at INR 571.90.  End  

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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