Zee Group founder Subhash Chandra has approached the National Company Law Appellate Tribunal (NCLAT) against a September 1 order of a five-member special bench of the National Company Law Tribunalthat restricted him from selling, transferring or otherwise dealing with his assets.

According to an ANI report from New Delhi today, a three-member NCLAT bench comprising Officiating Chairperson Justice (retd) Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra heard Chandra’s appeal. The tribunal directed him to provide copies of the appeal to the creditors.

Several creditors told the NCLAT that they had either not received copies of the appeal or had not been made parties to the case, despite participating in the earlier NCLT proceedings. The NCLAT directed Chandra to provide the required copies and take steps to include the necessary parties.

The matter is related to Chandra’s personal insolvency proceedings, which were initiated by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC).

Under the repayment plan proposed by Chandra, Rs 6.25 crore was offered to creditors against admitted claims of Rs 22,006.57 crore. Another Rs 25 lakh was proposed for insolvency resolution process costs.

The repayment plan was initially considered by a two-member NCLT bench, but the members gave different views. The matter was later referred to a five-member special bench. The larger bench stayed the August 25 order related to the repayment plan and restrained Chandra from selling, transferring or otherwise dealing with his assets, directly or indirectly, while the proceedings are pending.

The five-member NCLT bench also sought a response from the Central Bureau of Investigation (CBI) within four weeks, observing that its investigation could have an impact on the insolvency proceedings.

Chandra has now challenged the September 1 order before the NCLAT. The appellate tribunal has posted the matter for further hearing on September 29.