NCLT puts hold on Subhash Chandra's debt settlement plan
The National Company Law Tribunal (NCLT) has put a stop to Zee founder Subhash Chandra's proposal to clear a ₹22,000-crore debt by paying only ₹6.5 crore. This debt case was originally brought forward by Indiabulls Housing Finance. The settlement strategy will now undergo a fresh review by a five-member panel, which is larger than the three-member group that had previously given it the green light. Furthermore, Chandra is now prohibited from selling or transferring any of his assets, whether directly or through other means.
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