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Informist, Wednesday, Sept. 23, 2026

 

--Zee Ent Chandra moves NCLAT against NCLT five-member bench constitution 

--CONTEXT: NCLT 5-member bench hearing case on Zee Chandra repayment plan

--Zee Ent Chandra in NCLAT challenges NCLT stay on repayment plan in IBC case 

 

NEW DELHI – Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd., Wednesday moved the National Company Law Appellate Tribunal against the National Company Law Tribunal five-member special Bench's constitution to decide on his INR-65-million repayment plan for admitted claims of INR 220.07 billion. Chandra has also challenged the special bench's order to stay Chandra's repayment plan and direction to him to not alienate properties either directly or indirectly. The appellate tribunal will hear Chandra's plea on Tuesday.

 

Earlier in the day, the special tribunal bench had issued notice to the Central Bureau of Investigation in a fraud case related to the repayment plan of Chandra. It had said that the stay on the repayment plan will be there till final disposal of the case. 

 

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 1119 IST, shares of Zee Entertainment Enterprises were down 1.2% at INR 77.24 on the National Stock Exchange. Shares of HDFC Bank were up 0.4% at INR 741.20 and those of LIC Housing Finance were up 1.3% at INR 572.45.  End  

 

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

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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