NCLT bars Subhash Chandra from selling assets as lenders challenge Rs 6.5-crore settlement
The National Company Law Tribunal (NCLT) on Tuesday barred Essel Group chairman Subhash Chandra from alienating his properties as lenders challenged a proposed settlement that would allow creditors to recover around Rs 6.5 crore against claims of about Rs 22,006 crore.
A five-member special bench headed by NCLT President Justice Anupinder Singh Grewal said there was no majority view among its members and, therefore, the order allowing the settlement could not yet be given effect.
