NCLT five-member Bench stays approval of Subhash Chandra’s ₹6.25-crore payout against ₹22,006-crore claims

NCLT Special Bench directs Subhash Chandra not to dispose of any property directly or indirectly during pendency of the proceedings

Subhash Chandra's plan involved paying Rs 6.25 crore against claims of Rs 22,006.57 crore. Another Rs 25 lakh was earmarked towards insolvency costs.

A five-member bench is set to examine the plea from Indiabulls Housing Finance against Subhash Chandra. This review follows the NCLAT's validation of a Rs 6.5 crore payment order. Solicitor General Tushar Mehta contends that this ruling undermines the principles of the Insolvency & Bankruptcy Code. The NCLT delivered a