The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued a notice to creditors on a petition filed by Essel Group chairman Subhash Chandra and fixed October 29 and 30 for hearing the matter. Chandra had challenged in the Appellate Tribunal the order passed by a five-judge bench of the National Company Law Tribunal (NCLT) on September 1, which stayed the order of the third (tie-breaker) judge in his personal insolvency case and barred him from selling or selling his assets. NCLAT has directed the lenders to file their reply within a week. The three-member NCLAT bench also gave Subhash Chandra a week’s time to file a reply to the lenders’ reply.

Issue of Notice to Creditors

A bench of Acting Chairman Justice (Retd) Yogesh Khanna and technical members Barun Mitra and Ajay Das Mehrotra said that notice be issued… (on pendency and adjournment) and reply be filed within a week. Curry. The petition challenges the order of the NCLT, in which nearly Rs. 22,006.57 crore towards settlement of accepted claims of about Rs. 6.5 crore was approved for payment.

Hearings will be held on these dates

The NCLAT fixed October 29 and 30 for hearing on Chandra’s interim relief petitions. The tribunal indicated that one day would be reserved for arguments on behalf of Chandra and another day for arguments by the creditors. During the proceedings, Solicitor General Mehta suggested waiting for the outcome of the next hearing of the five-member bench of the NCLT to be held on November 19. However, senior advocate Dhruv Mehta, representing Subhash Chandra, opposed it.