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Subhash Chandra Challenges NCLT Asset Freeze Order at NCLAT
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News18•23-09-2026, 13:45
Subhash Chandra Challenges NCLT Asset Freeze Order at NCLAT
- •Zee Group founder Subhash Chandra has appealed to the NCLAT against an NCLT order restraining him from alienating his assets.
- •The NCLT's September 1 order, issued by a five-member special bench, is at the center of the dispute.
- •Chandra's appeal was heard by an NCLAT bench, which directed him to serve copies of the petition to creditors.
- •The case stems from personal insolvency proceedings initiated by Indiabulls Housing Finance Limited under the IBC.
- •The NCLT had previously stayed a repayment plan offering Rs 6.25 crore against admitted claims of Rs 22,006.57 crore and sought CBI's response.
Key Questions Answered
Zee Group founder Subhash Chandra approached the NCLAT to challenge a September 1 order issued by a five-member special bench of the NCLT that restrained him from alienating his personal assets.
Under the repayment plan proposed in Chandra's personal insolvency proceedings, Rs 6.25 crore was offered to creditors against admitted claims totaling Rs 22,006.57 crore, alongside an additional Rs 25 lakh designated for insolvency resolution process costs.
The personal insolvency proceedings against Subhash Chandra were initiated by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC).
