Essel Group

Essel Group Chairman Subhash Chandra on Wednesday opposed the formation of a five-member bench by the NCLT to decide his personal insolvency case, contending that the tribunal does not have the power to constitute such a bench. Appearing for Chandra before the National Company Law Appellate Tribunal (NCLAT), Senior Advocate Sasmit Patra termed the NCLT order "faulty and wrong" and said, "they are not empowered" to form a five-member bench. Patra submitted that the five-member bench had on Tuesday stayed the order of Nilesh Sharma, Member (Judicial), who was brought in as the third member after a division bench of the NCLT delivered a split verdict. NCLT on Tuesday barred Essel Group Chairman Chandra from alienating his assets and stayed an order allowing him to settle claims arising from personal guarantees on group borrowings for about Rs 6.5 crore, against claims of roughly Rs 22,006 crore. "Under which power" it was stayed and "when did this five-member bench sit together? What

Lenders are challenging the NCLT's approval of Essel Group founder Subhash Chandra's repayment plan, questioning the recovery quantum and creditors' voting process

Canara Bank, Union Bank of India and LIC Housing Finance are moving NCLAT against the NCLT's approval of Subhash Chandra's repayment plan

Chandra addressed what he described as allegations and speculation surrounding him, his family, and the group's financial position

Essel Group founder says lenders objecting to his repayment plan filed claims worth ₹3,992 crore, while the ₹22,006 crore figure represents total claims filed

Subhash Chandra's repayment plan was backed by creditors holding 80.81 per cent of voting value, despite objections from several banks and institutional lenders

Zee has sought permission to proceed with its ₹3,143 crore preferential warrant issue and access mutual fund units, while Goenka has challenged Sebi's restraining order

Subhash Chandra says India's media industry has become a ₹2.7-trillion powerhouse, expanded the country's global cultural influence and created millions of jobs since liberalisation

Essel group Chairman Subhash Chandra has sold a prime Lutyens' Delhi bungalow to an unnamed businessman for Rs 1,260 crore in what is being touted as one of the costliest property deals in recent times, sources said. The nearly 3-acre bungalow on Bhagwan Das Road in close vicinity to Connaught Place and India Gate has been bought by a "Delhi-based business family", the sources said, refusing to divulge the identity of the buyer. The residential plot is on the same road as another plot that Gautam Adani conglomerate had bought in 2020 for a reported Rs 400 crore. Sources said the Rs 1,260 crore deal will be closed by the first week of December. A spokesperson of Zee Group declined to comment on the transaction. Chandra had acquired the property in 2015 for Rs 304 crore, translating into a more than four-fold increase in value over the past decade. In Lutyens Bungalow Zone (LBZ), there are around 3,000 bungalows. The LBZ is one of the most expensive real estate locations in the cou

Essel Group says technology will anchor its future growth strategy as it marks 100 years of operations and expands its focus on digital and content platforms

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender's plea to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). However, the appellate tribunal granted liberty to IDBI Bank to move a fresh plea for default outside of the period mentioned in section 10A of the Insolvency & Bankruptcy Code. Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a period of one year. This special provision was inserted in the IBC by the government to help companies after economic activities had resumed post-lockdown

The bench consisting of Justice Hrishikesh Roy said they found no infirmity with the Bombay High Court order of August 14, which had dismissed Goenka's plea

Zee said it will use the funds to "enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape"

Meanwhile,Essel Group said the search conducted by the ED was related to an enquiry regarding Religare Group

Hathway Digital and IndusInd Media & Communications did not wish to comment on the development

Dish TV India, a direct-to-home broadcaster, is facing intense competition from OTTs and cable TV

Chandra will also get back three properties, one of which is a bungalow in central Delhi

Tribunal asks markets regulator to file reply within 48 hour, posts matter for June 19

'Principles of natural justice' not followed, say legal representatives

The regulator has directed them to not dilute or sell their holdings in the company