Subhash Chandra contests NCLT's authority to create five-member panel in insolvency matter
Subhash Chandra has contested the NCLT's decision to establish a five-member bench following a divided ruling from a division bench regarding his personal insolvency proceedings. Representing Chandra, his legal counsel argued before the NCLAT that the Companies Act provides no legal basis for the NCLT to constitute a bench of five members. Previously, the NCLT had put a hold on an order that permitted Chandra to resolve claims totaling ₹22,006 crore through a payment of ₹6.5 crore.
by shortkt.com✓