New Delhi, Sept. 1 -- The National Company Law Tribunal (NCLT) on Tuesday stayed an August 25 order approving a Rs 6.25-crore repayment plan proposed by Essel Group founder in personal insolvency proceedings involving admitted creditor claims of around Rs 22,006.57 crore.

Five-Member Bench Puts Repayment Plan On Hold

A five-member Special Bench headed by NCLT President Justice Anupinder Singh Grewal held that no clear majority view had emerged among the members who had earlier considered the repayment plan, making the August 25 order incapable of being given effect under Section 419(5) of the Companies Act, 2013.

The Special Bench, constituted on Monday, also comprises judicial members Bachu Venkat Balaram Das and Mahendra Khandelwal, ...