The National Company Law Tribunal (NCLT) has stayed the operation of its August 25 order that approved a Rs 6.25-crore repayment plan for Zee Group founder Subhash Chandra against admitted creditor claims of Rs 22,006.57 crore.

A newly constituted five-member NCLT bench, headed by NCLT President Justice (retd) Anupinder Singh Grewal, issued notices to all parties, including Subhash Chandra, and sought their replies.

According to an ANI report,the bench also directed Chandra, as the guarantor, not to sell, transfer, mortgage or otherwise deal with his properties, either directly or indirectly, while the proceedings are pending.

The repayment plan proposes Rs 6.25 crore for creditors, along with Rs 25 lakh towards insolvency resolution process costs. The plan has faced strong opposition from several lenders, who have questioned the low recovery amount as well as aspects of the voting process and participation of entities allegedly linked to Chandra.

The matter reached the five-member bench after the original two-member NCLT bench failed to reach a majority view on the repayment plan. A third member, Nilesh Sharma, had earlier given an opinion favouring approval of the plan, but the members ultimately took materially different positions.

The NCLT said the August 25 order cannot be given effect at this stage and that all parties will be heard before the matter is taken forward.

The dispute has also reached the National Company Law Appellate Tribunal (NCLAT), where dissenting creditors have challenged the repayment plan. The insolvency proceedings relate to personal guarantees given by Chandra for borrowings of Essel Group-linked companies.