The National Company Law Tribunal said it could not pass a final order on Subhash Chandra’s debt repayment plan due to a lack of consensus.
The deadlock leaves the insolvency process for the Zee founder in limbo, highlighting a significant divide within the judicial body over how to handle massive corporate debts.
According to the tribunal, the three-member bench [3] failed to reach a majority view on the proposal. Because the members could not agree, the tribunal said, "No order can be passed at this stage."
The dispute centers on a repayment proposal of Rs 6.5 crore [1] submitted by Chandra. This offer stands in stark contrast to the total claims filed against him, which amount to Rs 22,006 crore [2].
Reports indicate that the lack of a majority verdict has stalled the proceedings in New Delhi. While some reports previously suggested the plan was approved, the NCLT later said there was no consensus on the repayment plan.
To resolve the impasse, a new bench consisting of five members [4] has been set up. This expanded panel is expected to review the case after the original three-member bench reached a split decision.
Legal observers said the case has taken a new turn as the tribunal sought a majority to move forward. The NCLT spokesperson said there was "no consensus on repayment plan."
“"No order can be passed at this stage."”
The transition from a three-member to a five-member bench suggests that the disparity between the proposed repayment and the total debt is too great for a standard panel to resolve. By expanding the bench, the NCLT is attempting to find a definitive legal majority to either accept the settlement or push for more aggressive recovery of the Rs 22,006 crore in claims.
