In a major development, the National Company Law Tribunal (NCLT) has ordered insolvency proceedings against media baron Subhash Chandra in response to a plea filed by Indiabulls Housing Finance. Simultaneously, debt-ridden telecommunications provider Vodafone Idea has successfully raised Rs 18,000 crore through India’s largest follow-on offering (FPO), with strong participation from institutional investors.
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Subhash Chandra in response to a petition submitted by Indiabulls Housing Finance. The decision was made based on Chandra’s status as a guarantor for a loan given to the Essel Group company Vivek Infracon Ltd. However, petitions from IDBI Trusteeship and Axis Bank were dismissed by the NCLT.
