The National Company Law Tribunal (NCLT) on Monday has admitted Zee Entertainment Enterprises Ltd. (ZEEL) chairman emeritus Subhash Chandra into personal insolvency on the plea filed by Indiabulls Housing Finance over guarantees given to a company called Vivek Infracon.
Meanwhile, the tribunal in Delhi also dismissed pleas by IDBI Trusteeship and Axis Bank against Chandra’s admission to personal insolvency.
Consequently, with Chandra being admitted to moratorium, no litigation can be initiated against him, and he is prohibited from alienating or selling any of his assets. The resolution professional (RP) will be appointed to process the claims of those seeking to recover money from him.
Indiabulls Housing Finance (IBHF) had filed…
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