India, Sept. 2 -- The National Company Law Tribunal (NCLT) has stayed an earlier order approving Zee founder Subhash Chandra's Rs.6.5 crore repayment plan, reopening a challenge to a proposal opposed by several lenders.

A five-member special bench of the NCLT led by president Justice Anupinder Singh Grewal clarified that the order of member Nilesh Sharma, delivered on 25 August, could not be given effect because it did not constitute the majority view of the tribunal.

The bench, comprising Justice Grewal, judicial members Bachu Venkat Balaram Das and Mahendra Khandelwal Das and technical members Atul Chaturvedi and Ravindra Chaturvedi, on Tuesday restrained Chandra from selling or transferring property held by him, directly or indirectl...