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. The tribunal in Delhi also dismissed pleas by IDBI Trusteeship and Axis Bank against Chandra’s admission to personal insolvency, Moneycontrol reported.
Consequent of Chandra being admitted to moratorium, no litigation can be initiated against him. Chandra also cannot alienate or sell any of his assets. The resolution professional (RP) will be appointed to process the claims of those seeking to recover money from him.
IBHF claimed that while Chandra indicated …
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