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The NCLT bench heard today amid concerns over whether Subhash Chandra's personal bankruptcy case will increase or get relief. A five-judge bench has barred him from selling any property pending the proceedings. The tribunal has also issued notices to all the parties involved in the case. NCLT has also stayed its August 25 order in the bankruptcy case to Essel Group Chairman Subhash Chandra.

The NCLT special bench, which began hearing the case on Tuesday, noted that there were differences in earlier orders and there was no clear majority opinion that could be implemented.

National Company Law Tribunal (NCLT) has taken action in an important case to Subhash Chandra. The NCLT special bench has restrained Subhash Chandra from selling any of his assets pending the proceedings and also stayed its August 25 order in the bankruptcy case involving Essel Group Chairman Subhash Chandra.

A five-member special bench of NCLT directed that as guarantors, they should not directly or indirectly hand over or sell their properties to anyone else.

The development comes days after the NCLT order cleared the way for Chandra to settle his bankruptcy proceedings by paying around Rs 6.25 crore, while claims against him were over Rs 22,000 crore.

However, according to media reports, Chandra has now said in an interview that the claims from Indian banks are only worth ₹5,311 crore, and he is hopeful that the main creditors will repay the lenders in full.

Let us tell you that this step was taken by the bench of five judges after the two-member bench could not reach a majority decision in this case. The personal insolvency case against the Essel Group chairman was sent to the tribunal chairman for a fresh hearing after the majority could not agree on the proposed repayment plan of Rs 6.5 crore.

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