NCLT admits Subhash Chandra to personal insolvency
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 also rejected pleas by IDBI Trusteeship and Axis Bank against Chandra being admitted to personal insolvency.
As a result of Chandra being admitted to moratorium, no litigation can be initiated against him. Chandra also cannot alienate or sell any of his assets and the Resolution Professional (RP) will now process the claims of those who intend to recover…
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