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New Delhi : Essel Group founder Subhash Chandra has suffered a big shock. On August 25, a 5-member special bench of the National Company Law Tribunal (NCLT) stayed the decision given by one member. As per the previous decision, the lenders were to recover around Rs 6.25 crore from Chandra's personal assets while the total amount of his claims is around Rs 22,006 crore. Let us tell you, on Tuesday, notices were issued to all the parties and the Chairman of Essel Group was barred from selling or transferring his properties directly or indirectly.

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A five-member bench led by Chairman Justice Anupinder Singh Grewal said that due to lack of majority among the members of the bench, including the third member, there is no final order and the judgment cannot be given effect.

What did Subhash Chandra say in his defence?

This matter had gained momentum on social media. After which Subhash Chandra had said that the amount of Rs 22,006 crore has been widely misunderstood as it is not the amount of the loan that he had personally taken. This amount represents claims against personal guarantees given by Essel Group companies for loans taken by them.

What was said in the NCLT order?

The National Company Law Tribunal (NCLT) said that notice should be issued to all the parties. The bench said that we also direct that the guarantor will not transfer the properties directly or indirectly. Justice Grewal said the bench wanted to understand the scope of the case and would hear all parties, including Subhash Chandra's dissenting lenders.

He said that whatever concerns you have, you can put them before us. After this, we will consider the questions raised around the next date. Earlier, the matter was referred to a third member after the two-member bench comprising judicial member Ashok Kumar Bhardwaj and technical member Reena Sinha Puri gave separate verdicts on the repayment plan.

Public sector banks challenged

After this, the public sector banks challenged the order of the third member. These banks are dissenting lenders. The order directed recovery of around Rs 6.25 crore from Chandra's personal assets against claims of around Rs 22,006 crore. The banks challenged this before the appellate tribunal NCLAT.