The National Company Law Tribunal (NCLT), New Delhi bench of Justice Ashok Kumar Bhardwaj and Subrata Kumar Dash has replaced Raj Kamal Saraogi as the Resolution Professional (RP) in the insolvency proceedings involving Subhash Chandra, the Chairman Emeritus of Zee Entertainment Enterprises Limited (ZEEL)
Chandra, serving as the personal guarantor for certain unresolved debts, raised substantial concerns about Saraogi’s approach to the proceedings. Allegations surfaced regarding an unauthorized meeting between Chandra and Saraogi at Lodhi Hotel in Delhi, during which Saraogi was accompanied by a legal representative. Within this encounter, Chandra argued that Saraogi insinuated potential bankruptcy consequences which casted doubt on Sa…
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