Overview
- A five‑member NCLT bench stayed the August 25 order that approved Subhash Chandra’s repayment plan and restrained him from selling or transferring assets after finding no clear majority among earlier tribunal members.
- On Wednesday the bench directed the Central Bureau of Investigation to file a response within four weeks because the agency’s FIR in a linked LIC Housing Finance complaint may bear on creditor claims and asset movements.
- Chandra had proposed roughly Rs 6.25 crore for creditors plus Rs 25 lakh for process costs against admitted claims of about Rs 22,006.57 crore, a gap that financial creditors say makes the offer manifestly inadequate.
- Creditors have also challenged vote admission for five entities that together held about 61.78% of the voting share while Judicial Member Nilesh Sharma earlier found no evidence those entities were related parties.
- Chandra has appealed the five‑member bench’s September 1 restraint to the NCLAT, which listed the matter for further hearing on September 29, leaving key questions about who can be bound by a plan and how criminal findings affect insolvency unresolved.