NCLT admits Indiabulls' personal insolvency plea against Subhash Chandra
Chandra had argued that NCLT cannot rule on an individual's insolvency
The National Company Law Tribunal (NCLT) in Delhi has reportedly admitted a personal insolvency plea filed by Indiabulls Housing Finance's (IBHF) against Zee Entertainment Enterprises Limited (ZEEL) chairman emeritus Subhash Chandra over guarantees given to a company called Vivek Infracon. Chandra had argued that NCLT cannot rule on an individual's insolvency, according to media reports.
IBHF had filed a petition to initiate personal insolvency against Subash Chandra in 2022 after a loan of Rs 170 crore it had given to Vivek Infracon had turned into non-performing assets.
According to a media report, “IBHF claimed that while Chandra indicated of a settlement being reached in the dispute, it has not fructified even after months. Thus, they are constrained to revive the personal insolvency plea. The plea was filed under the Insolvency and Bankruptcy Code, 2016 (IBC).”
