The National Company Law Tribunal (NCLT) on Tuesday stayed its earlier order allowing Zee Group founder Subhash Chandra to settle his personal insolvency proceedings for Rs 22 crore, as opposed to the admitted claims of Rs 20,06,57 crore.

NCLT Orders Staying of Repayment Plan

The five-member special bench headed

Subhash Chandra had initially agreed to settle his personal insolvency proceedings for Rs 25 crore as part of the settlement agreement. However, the NCLT bench later found that this amount was less than the admitted claims of Rs 20,06,57 crore.

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The tribunal also restrained Subhash Chandra from alienating any assets whatsoever either directly or indirectly.

NCLAT Enters the Fray

The dispute has also reached the National Company Law Appellate Tribunal (NCLAT), where dissenting lenders have challenged the repayment plan and the solicitor general sought a day’s time to decide whether the lenders wanted to proceed with the appeal.

As per the tribunal's order, Subhash Chandra is required to file his reply before the next date of hearing. The case has been posted for hearing after three weeks on September 23rd.

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Litigation has remained inconclusive last

The litigation has remained inconclusive over the last one year due to dissenting orders. A two-member NCLT bench had delivered a split verdict in September 2025, with one member approving the repayment plan while the other rejected it, citing irregularities in the admission of claims and voting.

Subhash Chandra had initially agreed to settle his personal insolvency proceedings for Rs 25 crore as part of the settlement agreement. However, the NCLT bench later found that this amount was less than the admitted claims of Rs 20,06,57 crore.

The National Company Law Tribunal (NCLT) is a key player in resolving disputes related to corporate insolvency and bankruptcy cases in India. The tribunal's decisions have significant implications for companies like Zee Group, which is facing financial difficulties.