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The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance.
A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Chandra, who was a guarantor for a loan given to Essel group firm Vivek Infracon Ltd.
The NCLT bench, consisting members Ashok K Bhardwaj and Subrata K Das, however, rejected similar pleas filed by two other creditors IDBI Trusteeship and Axis Bank.
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