Overview
- The NCLAT on Tuesday issued notices to creditors in Subhash Chandra’s appeal and fixed October 29 and 30 to hear interim-relief arguments with one day for Chandra and one day for creditors.
- The tribunal ordered creditors who challenged the petition’s maintainability to file replies within a week and gave Chandra a week to file a rejoinder.
- The dispute follows a split two-member NCLT verdict, a third-member tie-breaker that approved Chandra’s plan, and a five-member NCLT Special Bench that stayed that approval and barred Chandra from alienating assets.
- Chandra’s repayment proposal would pay roughly Rs 6.25–6.5 crore to settle admitted claims of about Rs 22,006.57 crore while the CBI has registered an FIR accusing him of inflating net-worth certificates to secure loans that LICHFL says caused losses of over Rs 1,322 crore.
- Parties have asked the NCLAT to club a creditors’ challenge with Chandra’s appeal and litigants are contesting timing and jurisdiction, with the NCLT five-member bench due to hear related issues on November 19.