NEW DELHI: It is really good news for people of India that the five-member Bench of the National Company Law Tribunal (NCLT), on September 1, stayed the August 25 ruling of a single-member Bench that had cleared a repayment plan requiring Zee News Founder Subhash Chandra Goenka to pay Rs 6.25 crore towards admitted claims of Rs 22,006.57 crore in personal insolvency proceedings against him.
The five-member Bench, comprising President Justice (Retd.) Anupinder Singh Grewal, Judicial Members Bachu Venkat Balaram Das and Mahendra Khandelwal, and Technical Members Atul Chaturvedi and Ravindra Chaturvedi, observed today that there was no clear majority view on the previous verdict.
The Bench therefore decided to hear the matter afresh and issued notices to all parties involved.
It also stayed the operation of the August 25 verdict and restrained Subhash Chandra from directly or indirectly alienating any property.
The dispute relates to a repayment plan proposed by Zee Group founder Subhash Chandra Goenka in personal insolvency proceedings initiated by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC).
Under the proposed plan, Subhash Chandra Goenka offered to pay Rs 6.25 crore to creditors against admitted claims amounting to Rs 22,006.57 crore. An additional Rs 25 lakh was earmarked towards the costs of the insolvency proceedings.
