National Company Law Tribunal has stayed its earlier order that approved Zee founder Subhash Chandra’s repayment plan of ₹6.25 crore. The tribunal said there was no clear majority in previous rulings and decided to hear the matter again. It also restrained Chandra from transferring or selling any property until the case is reheard.
Chandra had proposed to pay ₹6.25 crore against admitted claims of ₹22,006 crore, along with ₹25 lakh for insolvency costs. The case began in 2022 when Indiabulls Housing Finance, now Sammaan Capital, filed insolvency proceedings over a ₹170 crore loan guaranteed by Chandra. The tribunal admitted the case in April 2024 after the Supreme Court upheld provisions of the Insolvency and Bankruptcy Code in November 2023.
Earlier, two members of the tribunal gave differing views. One supported partial approval while another rejected the plan citing flaws. Later, member Nilesh Sharma approved the plan on August 25, excluding claims by 1,260 individuals and redistributing amounts among creditors.
The tribunal has now said the plan cannot bind creditors until a fresh hearing. Notices have been issued to all parties. Creditors including banks and financial institutions may push for stronger recovery. The stay prolongs uncertainty over resolution of ₹22,000 crore claims and keeps Chandra’s assets frozen for now.
