The National Company Law Tribunal (NCLT) admitted Subhash Chandra, Zee Entertainment Enterprises Ltd. (ZEEL) chairman emeritus, into personal insolvency following a plea by Indiabulls Housing Finance over guarantees given to Vivek Infracon.
NCLT in Delhi dismissed pleas by IDBI Trusteeship and Axis Bank against Chandra’s admission to personal insolvency.
Chandra’s admission to moratorium implies no litigation can be initiated against him, and he is prohibited from selling any assets, with a resolution professional (RP) appointed to handle claims against him.
Indiabulls Housing Finance filed the plea in 2022 after a 170 Crore loan to Vivek Infracon turned into non-performing assets.
Chandra contested NCLT’s jurisdiction over personal i…
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