Politics · India Bureau
NCLAT issues notices in Subhash Chandra personal insolvency case
The National Company Law Appellate Tribunal has called for creditor responses to Essel Group Chairman Subhash Chandra's appeal against an NCLT order that froze his assets and restricted further alienation of property.
LSN India ·
The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to creditors in the personal insolvency matter of Essel Group Chairman Subhash Chandra, scheduling hearings for October 29 and 30.
Chandra filed the appeal challenging a September 1 order by a five-member bench of the National Company Law Tribunal (NCLT), which had stayed a tiebreaker judge's ruling and prohibited him from transferring or disposing of his assets. The NCLAT directive requires creditors opposing the maintainability of Chandra's petition to submit their responses within seven days.
A three-member NCLAT bench led by Officiating Chairperson Justice (Retired) Yogesh Khanna, alongside Technical Members Barun Mitra and Ajai Das, has also granted Chandra an additional week to file a rejoinder following receipt of the creditors' submissions.
The proceedings represent a significant development in the protracted insolvency dispute involving the media and entertainment group promoter, with the appellate tribunal now examining both procedural questions and substantive claims related to asset preservation.