Subhash Chandra’s ₹6.25 Crore Repayment Plan: NCLT 5-Member Bench Stays 25th August Order
Moneylife Digital Team 01 September 2026
A 5-member bench of national company law tribunal (NCLT), New Delhi has ordered a stay on the 25 August 2026 order approving a proposal from Zee group founder Subhash Chandra to pay ₹6.25 crore to creditors against admitted claims of ₹22,006.57 crore.
 
The bench said that no clear majority view exists with respect to the previous verdict and thus, decided to hear the case afresh and issued notice to all parties involved.
 
It also stayed the operation of the 25 August 2026 verdict and restrained Mr Chandra from alienating any property, directly or indirectly.
 
On Monday, after a 2-member bench held that no majority opinion had emerged on Mr Chandra's repayment plan, NCLT president justice Anupinder Singh Grewal (retd) constituted the five-member bench comprising himself, judicial members Bachu Venkat Balaram Das and Mahendra Khandelwal, and technical members Atul Chaturvedi and Ravindra Chaturvedi to consider the matter.
 
Earlier that day, a two-member bench comprising judicial member Ashok Kumar Bhardwaj and technical member Reena Sinha Puri held that no final order could be passed on the basis of the opinion delivered by third member Nilesh Sharma on 25 August 2026. The bench found that the three members had taken materially different positions on the repayment plan.
 
Mr Bhardwaj had originally favoured approving the plan only in relation to creditors who supported it, while Ms Puri rejected the repayment plan after finding serious defects in the process followed by the resolution professional.
 
Following the split verdict, the matter was referred to Mr Sharma. On 25 August 2026, Mr Sharma opined that the repayment plan should be approved. 
 
When the matter returned to the original two-member bench, it held that Mr Sharma had 'consciously passed an independent order' rather than agreeing entirely with either of the two original opinions.
 
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