NCLT deadlock over Subhash Chandra’s ₹6.5-crore plan triggers first-ever five-member bench

Insolvency tribunal NCLT on Monday formed a five-member bench to decide on media baron Subhash Chandra’s repayment plan in a personal insolvency case involving claims of more than Rs 22,000 crore after a division bench failed to reach a majority verdict.

The division bench had referred the personal insolvency case against the Essel Group Chairman to the tribunal’s president for fresh adjudication after failing to reach majority consensus on a proposed Rs 6.5 crore repayment plan despite referring the matter to a third judge.