NEW DELHI: The National Company Law Tribunal (NCLT) on Monday admitted a petition filed by Indiabulls Housing Finance and directed initiation of personal insolvency proceedings against Subhash Chandra, the founder-chairman emeritus of Zee Entertainment Enterprises.
Chandra had given a personal guarantee of around Rs 170 crore to a group entity Vivek Infracon and Indiabulls Housing Finance had moved NCLT for a default that took place in 2022.
Chandra had challenged the move, arguing NCLT did not have powers.
Following discussion around a settlement, the case was withdrawn from the National Company Law Appellate Tribunal (NCLAT). Subsequently, the terms of the agreement were allegedly not met, resulting in Indiabulls Housing Finance appro…
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