Overview
- A five-member NCLT bench led by President Justice Anupinder Singh Grewal on Tuesday stayed the August 25 order that approved Subhash Chandra’s repayment plan and barred him from alienating any assets while the matter is reheard.
- The stayed plan would have paid about Rs 6.25–6.5 crore to creditors against admitted claims of roughly Rs 22,006 crore, a haircut of roughly 99.9 percent that prompted strong lender opposition.
- The bench said no clear majority view emerged from the earlier split two-member panel and the third member’s separate opinion, which is why the case was referred for a fresh hearing.
- Dissenting lenders including LIC Housing Finance, HDFC Bank, Canara Bank and Union Bank have kept an appeal alive at the NCLAT, where the matter is listed for further hearing on October 7, and Solicitor General Tushar Mehta appeared for the creditors in court.
- The dispute raises wider questions about India’s personal‑insolvency rules on valuation, related‑party claims and creditor voting, and the NCLT will next hear the rehearing on September 23 with the outcome likely to shape how personal guarantees are enforced under the IBC.