Indiabulls Housing Finance Limited Vs Dr Subhash Chandra (NCLT Delhi)
Summary: The National Company Law Tribunal, New Delhi, Special Principal Bench, considered the insolvency proceedings arising from Company Petition IB-97/ND/2022 against Dr Subhash Chandra. The petition was an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The proceedings had generated differing views before the original Division Bench, followed by a reference to a Third Member and subsequently a further reference to the President, NCLT.
The original Division Bench comprising Sh. Ashok Kumar Bhardwaj, Member (Judicial), and Smt. Reena Sinha Puri, Member (Technical), had delivered dissenting judgments on 03.09.2025. The difference of opinion was thereafter placed before the then President, NCLT, who referred it to Sh. Nilesh Sharma, Member (Judicial), NCLT Mumbai Bench, as the Third Member on 05.02.2026. The Third Member heard the matter on several occasions and pronounced his judgment on 25.08.2026.
When the Third Member’s order was placed before the concerned Bench for consequential orders on 31.08.2026, the Bench held that no majority view had emerged. It consequently made a fresh reference to the President, NCLT under Section 419(5) of the Companies Act, 2013. The President thereafter constituted the present Special Bench of five Members to consider the issue.
