NCLT freezes Subhash Chandra's assets in personal insolvency proceedings

A specially constituted five-member NCLT bench presided over by President Justice Anupinder Singh Grewal has issued directives prohibiting Subhash Chandra from alienating his properties in any manner, whether directly or indirectly, during the pendency of his personal insolvency case.

The tribunal issued notices to all parties involved in the proceedings on Tuesday. The move comes as the bench continues to deliberate on a repayment plan that was approved by the tribunal last week. Under the proposed settlement, creditors would recover approximately Rs 6.25 crore from Chandra's personal estate against total claims valued at roughly Rs 22,006 crore.

Chandra has disputed the magnitude of the claims figure, attributing the high valuation to widespread misinterpretation. According to the Essel Group Chairman, the Rs 22,006 crore represents contingent liabilities arising from personal guarantees he provided for borrowings taken by companies associated with the Essel Group, rather than funds he personally borrowed.

The bench noted that since no majority consensus had emerged among its members regarding the final order, the verdict could not yet be implemented. The tribunal has asked all stakeholders to file their responses before the matter is taken up again, indicating that deliberations remain ongoing in this complex insolvency matter involving one of India's prominent media entrepreneurs.