NCLAT seeks creditors' views on Subhash Chandra's challenge to tribunal order

The National Company Law Appellate Tribunal (NCLAT) has issued a notice seeking responses from creditors within a week on a petition filed by Subhash Chandra, challenging an order passed by the National Company Law Tribunal (NCLT) on September 1.

Chandra has approached the higher tribunal in his bid to overturn the NCLT's September order. The appellate tribunal has scheduled hearings for interim relief pleas on October 29 and 30, signalling it will consider urgent applications from the petitioner during these dates.

The move comes as part of the appellate tribunal's standard procedure, wherein creditors and other stakeholders are given an opportunity to present their positions before a final order is issued. The one-week timeline for filing responses will allow creditors to submit their views before the scheduled hearings.

The NCLAT's decision to expedite hearings on interim relief matters suggests the tribunal recognises the urgency of the petitioner's claims. The outcome could significantly impact the status quo established by the NCLT's September order pending full adjudication of the appeal.