NCLT admits personal insolvency plea against Zee’s Subhash Chandra

The National Company Law Tribunal (NCLT) Delhi on Monday admitted Indiabulls Housing Finance’s (IBHF) personal insolvency plea against Zee Entertainment Enterprises Limited (ZEEL) chairman emeritus Subhash Chandra over guarantees given to Vivek Infracon.

The tribunal also rejected appeals by IDBI Trusteeship and Axis Bank against Chandra being admitted to personal insolvency.

IBHF earlier told the tribunal that Chandra claimed that a settlement had been reached in the dispute, but it had not materialised even after months, asserting that they were constrained to revive the personal insolvency plea.