Five-judge NCLT panel set to hear Indiabulls' case against Subhash Chandra

In an unusual move, the National Company Law Tribunal’s president, Justice Anupinder Singh Grewal, constituted a five-member bench to hear Indiabulls Housing Finance’s insolvency petition against media magnate Subhash Chandra, focusing on guarantees he provided to lenders. The tribunal will convene on Tuesday, the same day the National Company Law Appellate Tribunal is set to consider a challenge to an order that allowed Chandra to pay Rs 6.5 crore toward creditor claims totaling about Rs 22,007 crore in his personal insolvency case.

Solicitor General Tushar Mehta, appearing for LIC Housing Finance and also representing Canara Bank and Union Bank, requested an urgent hearing, arguing that the current order defeats the purpose of the Insolvency & Bankruptcy Code. Previously, a two-judge division bench delivered a split verdict, prompting referral to a third member whose August 26 order supporting the repayment plan was sent back for a formal decision.

The division bench later concluded that no majority view emerged and returned the matter to the NCLT president. The rapid succession of rulings places Chandra in a protracted legal battle.