Lagatar24 Desk
New Delhi: In a significant development concerning Essel Group chairman Subhash Chandra, the National Company Law Tribunal (NCLT) on Tuesday stayed its earlier order dated August 25 related to his loan case, while also directing that he cannot directly or indirectly transfer any of his assets in his capacity as guarantor.
Case Referred to Special Bench After Disagreement Among Members
The case was referred to a five-member special bench of the NCLT after disagreement emerged among the three members who had previously heard the matter. The special bench began hearing the case today and concluded that the earlier order had clearly not reflected a majority decision, and therefore could not be implemented.
Original Order Approved Rs 6.5 Crore Settlement Against Rs 22,000 Crore Claim
The controversy stems from an earlier NCLT order that had approved a repayment plan allowing Zee Group and Essel Group founder Dr. Subhash Chandra to settle a claim of Rs 22,000 crore for just Rs 6.5 crore, a decision that had sparked considerable controversy at the time. The NCLT has now stayed that original order.
