GENERAL29 Sept 2026
NCLAT issues notices to creditors on Subhash Chandra's insolvency plea
India's company law appellate tribunal, the NCLAT, has issued notices to creditors on Subhash Chandra's personal insolvency plea and will hear it on October 29 and 30. He is challenging a September 1 National Company Law Tribunal (NCLT) order that restrained him from selling his assets. Creditors must reply within a week. This matters because the dispute decides how much lenders actually recover.
Key Statutory Highlights
- The NCLAT has fixed October 29 and 30 to hear Subhash Chandra's challenge, setting aside one day for his arguments and one for the creditors.
- Chandra challenged the NCLT order of September 1, which stayed a third tie-breaker judge's order in his personal insolvency matter and stopped him from selling his assets.
- The five-member NCLT bench has issued notice to the CBI, which filed an FIR alleging Chandra inflated his net worth to get loans from LICHFL, causing a loss of over Rs 1,322 crore.
Actionable Advice for Taxpayers / Founders:If you are a lender or supplier involved with a party in insolvency proceedings, keep your claim records and replies ready and track the listed hearing dates. For advice on your own recovery, speak to a professional rather than assuming any outcome.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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