NCLT replaces Resolution Professional in insolvency proceedings against Subhash Chandra

Chandra, who was the personal guarantor for certain unpaid debts, alleged that the RP had paid him a visit without prior intimation and expressed that the matter would lead to the Essel Chairman's bankruptcy.

The National Company Law Tribunal (NCLT) at New Delhi has ordered the replacement of the Resolution Professional (RP) who was handling the insolvency proceedings against Chairman of the Essel Group, Subhash Chandra [Indiabulls Housing Finance Ltd. v. Subhash Chandra].

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