NCLT orders insolvency proceedings against Zee’s Subhash Chandra

he National Company Law Tribunal (NCLT) on Monday initiated insolvency proceedings against Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises Ltd., following a plea by Indiabulls Housing Finance Ltd. Chandra acted as a personal guarantor for a loan to Essel Group’s Vivek Infracon Pvt, PTI

While the company law court ordered Corporate Insolvency Resolution Process (CIRP) against Subash Chandra, pleas from IDBI Trusteeship and Axis Bank were rejected. Detailed judgment is pending.