NCLT admits Indiabulls Housing Finance insolvency plea against Subhash Chandra

The bankruptcy court has admitted Indiabulls Housing Finance Ltd’s (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon. Chandra was a personal guarantor against the loans availed by the company.
The New Delhi bench of the National Company Law Tribunal (NCLT) presided by judicial member Ashok Kumar Bhardwaj and technical member Subrata Kumar Dash, while admitting the application, also appointed a resolution professional (RP) to ascertain the claims of lenders and personal assets of Chandra. The detailed order was not uploaded until the time of filing the story.