The National Company Law Tribunal (NCLT) in Delhi on April 22 admitted Indiabulls Housing Finance’s (IBHF) personal insolvency plea against Zee Entertainment Enterprises Limited (ZEEL) chairman emeritus Subhash Chandra over guarantees given to a company called Vivek Infracon, according to a report by moneycontrol.
The tribunal also rejected pleas by IDBI Trusteeship and Axis Bank against Chandra being admitted to personal insolvency.
IBHF claimed that while Chandra indicated of a settlement being reached in the dispute, it is yet to be fulfilled. So, they are constrained to revive the personal insolvency plea. The plea was filed under the Insolvency and Bankruptcy Code, 2016 (IBC).
IBHF had moved a petition to initiate personal insolv…
Read the full article at: https://www.businesstoday.in/latest/corporate/story/nclt-admits-indiabulls-personal-insolvency-plea-against-zees-subhash-chandra-report-426385-2024-04-22