Subhash Chandra moves NCLAT, challenges NCLT 5-member bench order against alienation of assets

Subhash Chandra has moved the appellate tribunal, NCLAT, against the order of a five-member bench of the National Company Law Tribunal (NCLT), which restrained him from alienating his assets during the pendency of the matter.

Chandra has challenged an order passed by a five-member NCLT bench, formed to decide his personal insolvency, on September 1, which stayed the order passed by the third tie-breaker judge, who voted for Rs 6.5 crore repayment against total liabilities of around Rs 22,000 crore.

The appeal came up for hearing before a three-member bench, which asked his counsel to serve the copies to creditors and implead them as parties.