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• Increase in Subhash Chandra's problem!
• Suspension of loan waiver order by NCLT
• Selling property is also banned

Subhash Chandra Case: Zee Group founder Subhash Chandra's troubles have increased. A 5-member special bench of the National Company Law Tribune, NCLT, has dealt a major blow to them. The NCLT stayed the August 25 order to settle the debt for only Rs 6.25 crore against total claims of Rs 22,006 crore. Along with this, they have tightened the noose by prohibiting Chandra from selling or transferring any property directly or indirectly. What exactly is the case”color: #3366ff;”> PM Modi Gold Appeal : Invest in gold, but don't buy jewellery! Why is PM Modi appealing? 'This' is big math

What exactly happened?

The case was referred to a five-member special bench of the NCLT as the orders passed by the three members hearing the case differed. A special bench began hearing the case on Tuesday and ruled that the earlier orders were inconsistent and there was no clear majority to implement them.

The Special Bench, therefore, stayed the earlier order of the NCLT. In which repayment of over ₹22,006 crore was ordered for ₹6.5 crore. Subhash Chandra was also banned from selling his property. The NCLT has also issued notices to all concerned parties in the matter.

What was the previous order?

As per the old order, the NCLT had ordered Chandra to settle the debt of over Rs 22,006 crore for approximately Rs 6.5 crore. Although this loan is not a personal loan of Chandra, Chandra is the guarantor of this loan. In its order, the NCLT ordered the repayment of this loan for just Rs 6.5 crore, paving the way for the completion of the insolvency proceedings. This raised many questions, the most important of which was how such a large loan could be repaid in such a small amount. After a growing controversy, a special bench of the NCLT heard the matter and has now stayed the earlier decision.

What did the special bench explain in its order?

The five-judge special bench said in its order that the earlier order did not have the support of the majority, hence it was stayed. A five-member panel will now reconsider the matter. The bench further said that while the proceedings are pending, Subhash Chandra is prohibited from selling any direct or indirect assets.

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