Tribunal reviews personal insolvency dispute
Key Highlights
- A five-member NCLT bench issued notices to all parties.
- Subhash Chandra was directed not to alienate his properties.
- The dispute relates to his personal insolvency matter.
- Creditors have claims of around ₹22,006 crore.
- A repayment plan had proposed recovery of about ₹6.25 crore.
- The matter is also being heard before the NCLAT.
New Delhi, September 1, 2026: A five-member special bench of the National Company Law Tribunal has issued notices to parties involved in the personal insolvency matter of Essel Group Chairman Subhash Chandra.
The tribunal also directed Chandra not to alienate his properties, either directly or indirectly.
The development follows proceedings related to a repayment plan under which creditors were expected to recover about ₹6.25 crore from Chandra’s personal estate against claims of approximately ₹22,006 crore.
Chandra has previously stated that the ₹22,006 crore figure represented claims arising from personal guarantees provided for loans taken by companies associated with the Essel Group and did not represent money personally borrowed by him.
The five-member bench, led by President Justice Anupinder Singh Grewal, said there was no final order because no majority view had emerged among the members.
The matter had earlier been referred to a third member after a two-member division bench delivered a split verdict on the repayment plan.
The third member’s decision regarding the proposed recovery was subsequently challenged by dissenting creditors before the National Company Law Appellate Tribunal.
The NCLAT has directed that the matter be listed again following submissions by parties representing dissenting creditors.
The proceedings will continue as the tribunals examine issues surrounding the repayment plan and creditor claims.
