Subhash Chandra Appeals NCLT Asset Alienation Stay to NCLAT

Zee Group founder Subhash Chandra has moved the National Company Law Appellate Tribunal (NCLAT) against a September 1 order of a five-member special bench of the National Company Law Tribunal (NCLT) restraining him from alienating his assets.A Bench of Officiating Chairperson Justice (retd) Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra took up the appeal and directed Chandra to serve copies of the plea on the creditors. It then posted the matter for hearing on September 29.Senior Advocate Dhurv Mehta, appearing for Chandra, told the NCLAT that the appeal challenges the order passed by a special bench of NCLT on September 1.Several creditors, however, told the NCLAT that copies of the appeal have either not been served on them or that they had not been made parties despite having participated in the proceedings before the NCLT.The NCLAT then asked Chandra to supply copies of the appeal to the appearing parties during the course of the day and take steps to implead the necessary parties.Senior Advocate Dhruv MehtaThe dispute concerns a repayment plan proposed by Chandra in personal insolvency proceedings initiated by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC).Under the plan, Chandra proposed to pay ₹6.25 crore to creditors against admitted claims of ₹22,006.57 crore. Another ₹25 lakh was earmarked for insolvency process costs.The plan was initially considered by an NCLT bench comprising Judicial Membe