NCLT stays Chandra's Rs 6.5 crore repayment plan, bars asset sale

A five-member bench of the National Company Law Tribunal on Tuesday, September 1, 2026, stayed an earlier order that had approved a repayment plan for Essel Group founder Subhash Chandra, effectively blocking the settlement that would have allowed him to resolve personal guarantee liabilities of approximately Rs 22,006 crore with a payment of about Rs 6.5 crore. The bench also barred Chandra from selling or transferring any of his properties during the ongoing proceedings. The special bench, headed by NCLT President Justice Anupinder Singh Grewal, ruled that the August 25 order approving the plan could not be implemented because no clear majority view had emerged from the tribunal's earlier deliberations. The bench issued notices to all parties and directed that Chandra, acting as the guarantor, shall not alienate his properties either directly or indirectly. It stated that all parties would be heard at length before any final decision is made. The case centers on insolvency proceedings against Chandra in his capacity as a personal guarantor for loans taken by companies linked to the Essel and Zee groups.