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NCLT Seeks CBI Response In Subhash Chandra Insolvency Case
The National Company Law Tribunal is examining Subhash Chandra’s personal insolvency case.
Insolvency is a legal process used when someone cannot meet financial claims.
Chandra offered to repay about ₹6.25 crore, plus ₹25 lakh for case expenses.
Creditors say they are owed more than ₹22,006 crore.
LIC Housing Finance and other creditors have opposed his proposal.
They have raised concerns about asset values, legal procedures and related companies voting.
The CBI is investigating an alleged ₹1,322-crore loan fraud involving LIC Housing Finance.
The tribunal has asked the CBI to provide information within four weeks.
The CBI’s response may help the tribunal assess the repayment plan and creditor claims.
The NCLT has sought the CBI’s response in Subhash Chandra’s personal insolvency proceedings.
The CBI filed an FIR over an alleged ₹1,322-crore loan fraud involving LIC Housing Finance.
The five-member NCLT bench directed the CBI to reply within four weeks.
Chandra proposed repaying about ₹6.25 crore plus ₹25 lakh in expenses against claims exceeding ₹22,006 crore.
Creditors have challenged the plan, citing asset undervaluation, procedural issues and related-party voting.
- Who
- The National Company Law Tribunal, the Central Bureau of Investigation, Subhash Chandra and financial creditors including LIC Housing Finance.
- What
- The NCLT is seeking the CBI’s response in Chandra’s personal insolvency proceedings and is reviewing his repayment proposal.
- Where
- Before a special five-member bench of the National Company Law Tribunal.
- When
- The CBI was directed to respond within four weeks; the articles do not state the exact hearing date.
- Why
- The CBI has registered an FIR over an alleged ₹1,322-crore loan fraud, while creditors have challenged Chandra’s repayment plan and related insolvency issues.
Subhash Chandra’s Position
Creditors’ Position
Repayment proposal
Subhash Chandra’s Position
Chandra has submitted a proposal to repay about ₹6.25 crore, along with ₹25 lakh for insolvency resolution expenses.
Creditors’ Position
Financial creditors, including LIC Housing Finance, have opposed the proposal while asserting claims exceeding ₹22,006 crore.
Asset valuation
Subhash Chandra’s Position
The repayment plan is being examined by the tribunal; the article does not state Chandra’s specific response to the valuation objections.
Creditors’ Position
Creditors allege that assets were undervalued.
Voting and procedure
Subhash Chandra’s Position
The article does not provide Chandra’s specific response to the procedural objections.
Creditors’ Position
Creditors allege procedural issues and object to the participation of related-party entities in the voting process.
Key facts
- Tribunal
- National Company Law Tribunal, special five-member bench
- Investigating agency
- Central Bureau of Investigation
- Alleged fraud amount
- ₹1,322 crore
- Proposed repayment
- Approximately ₹6.25 crore
- Resolution expenses
- ₹25 lakh
- Creditor claims
- More than ₹22,006 crore
- Response deadline
- Within four weeks
Sources
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