The NCLT has sought the CBI’s response in the personal insolvency proceedings against Subhash Chandra after the tribunal was informed that an ongoing investigation by the agency could have a bearing on the matter. The CBI has been given four weeks to submit its response, following which the tribunal is expected to consider the next course of proceedings.
The five-member bench was apprised that CBI’s investigation into the matter could have a bearing on the proceedings. The CBI has registered an FIR against Subhash Chandra and others following a complaint by LIC Housing Finance Ltd (LICHFL) over an alleged Rs 1,322-crore loss. The case relates to two loan facilities totalling Rs 980 crore, for which Chandra allegedly gave personal guarantees.
Chandra’s side opposed making the CBI a party to the case. The bench also observed that continuing to hear the matter as a special five-member bench could affect the functioning of the NCLT. The tribunal directed all parties to file their respective responses before the next hearing.
Subhash Chandra Personal Insolvency Case: NCLT Seeks CBI Response, Gives 4 Weeks
