A day after the National Company Law Tribunal barred him from alienating any of his assets and stayed its order allowing him to settle his personal insolvency proceedings by paying Rs. 6.25 crore as against admitted claims of Rs. 22,006 crore, Zee Group’s Subhash Chandra questioned the validity of the order before the National Company Law Appellate Tribunal. His lawyer termed the order “faulty and wrong”. He also alleged that the Tribunal didn’t have the power to set up a special five-member bench as had been done to decide his personal insolvency case.
Chandra’s advocate submitted before an NCLT bench that the Tribunal’s order was faulty and wrong.