The matter will now be placed before the Original Division Bench for passing orders in terms of the majority opinion.
National Company Law Tribunal on Wednesday allowed Zee Group Founder and Chairman Subhash Chandra’s revision plan to pay just ₹6.5 crore against admitted claims of ₹22,006.57 crore. The decision gives creditors a recovery of around 0.03 per cent of their admitted dues.The order was passed by a third judicial member of the insolvency court, Nilesh Sharma, to settle the repayment plan in a personal insolvency case by Indiabulls Housing Finance, where Chandra was the personal guarantor.Sharma directed the consequential redistribution of the repayment amount amongst the remaining eligible creditors in accordance with the approved Repayment Plan.“The Resolution Professional, in my opinion, is required to prepare and place on record the revised and final list of creditors after giving effect to the aforesaid exclusions and take necessary consequential steps for redistribution of the approved Repayment Plan value,” said the order.The matter will now be placed before the Original Division Bench for passing orders in terms of the majority opinion.The order considered various issues including allegations of grave and material irregularities arising from the repayment plan’s “capricious, partisan, and hasty conduct, including breaches of the IBC and its rules and regulations.”To this Sharma stated that the NCLT is not bound to reject the plan merely because there was certain irregularity or procedural lapse in the admission of claim in respect of Anil Kumar and Sunil Jain and the persons they represented. Sharma stated there is no other established material irregularity or violation of the provisions of the Code or applicable regulations.“In the present case, the creditors’ objections have been placed before this AA and independently considered on the merits. Therefore, unless the alleged irregularities render the Plan contrary to the IBC or materially prejudice the creditors, they do not, by themselves, warrant rejection under Section 114(1),” said the order.Published on August 26, 2026
