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NCLAT Issues Notice to Creditors on Subhash Chandra's Plea; Next Hearing Oct 29-30
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Moneycontrol•29-09-2026, 16:30
NCLAT Issues Notice to Creditors on Subhash Chandra's Plea; Next Hearing Oct 29-30
- •The NCLAT has issued notices to creditors regarding Essel Group Chairman Subhash Chandra's plea, scheduling the next hearing for October 29 and 30.
- •Chandra challenged an NCLT order that stayed a tie-breaker judge's decision in his personal insolvency matter and restrained him from alienating assets.
- •Creditors opposing Chandra's petition must file their reply within a week, with Chandra granted a week to file a rejoinder.
- •The NCLAT clubbed Chandra's appeal with a separate petition from creditors challenging an NCLT order that approved a Rs 6.5 crore settlement against Rs 22,006.57 crore in admitted claims.
- •The CBI has registered an FIR against Subhash Chandra for allegedly inflating his net worth to secure loans from LICHFL, causing a loss of over Rs 1,322 crore.
Key Questions Answered
The National Company Law Appellate Tribunal scheduled the next hearing for Subhash Chandra's plea on October 29 and 30.
The September 1 order by a five-member NCLT bench stayed a third tie-breaker judge's order and restrained Subhash Chandra from alienating his assets.
The CBI registered an FIR alleging that Subhash Chandra inflated his net worth to secure loans from LICHFL, ultimately defaulting and causing a loss exceeding Rs 1,322 crore.
