- On September 1, 2026, a five-member bench of the National Company Law Tribunal stayed the order, holding that no clear majority view existed, and restrained Subhash Chandra Goenka from alienating any property.
- The President constituted a five-member bench — Justice (retd) Anupinder Singh Grewal, with Judicial Members Bachu Venkat Balaram Das and Mahendra Khandelwal and Technical Members Atul Chaturvedi and Ravindra Chaturvedi — which sat on September 1 and stayed the whole thing.
The National Company Law Tribunal (NCLT) has intervened in the repayment plan proposed by Subhash Chandra, staying the order due to a lack of consensus among its members.12
The five-member bench, constituted on September 1, 2026, found that no clear majority view existed regarding the repayment plan, which had previously garnered 80.81 percent of the voting share from creditors.3
However, dissenting creditors, led by LIC Housing Finance, objected to the plan, holding less than a fifth of the votes.
The tribunal's decision to stay the order came after a week of deliberations, during which it was noted that one member's approval would bind only consenting creditors, while another's would bind no one at all.
The bench has also barred Chandra from alienating any property during the proceedings, indicating the seriousness of the situation.
The repayment plan was initially approved on August 25, setting aside Rs 6.25 crore for creditors against claims of approximately Rs 22,006.57 crore.
The case originated from a 2022 application by Indiabulls Housing Finance, now known as Sammaan Capital, which invoked a personal guarantee for a loan of about Rs 170 crore.
The tribunal's decision reflects ongoing concerns about the adequacy of personal guarantees in insolvency cases, as highlighted by the Insolvency and Bankruptcy Board of India (IBBI), which reported only Rs 234.56 crore recovered across 64 concluded resolutions of personal guarantors since FY20, against total guarantor debt of roughly Rs 2.86 lakh crore as of December 2025.
“The five-member bench, led by Justice (retd) Anupinder Singh Grewal, issued notices to all parties and will hear the matter afresh. The stay restrains Goenka from alienating any property directly or indirectly, pending the new hearing.”
