A five-member bench of the National Company Law Appellate Tribunal has stayed a ruling that previously granted a Rs 22,000 crore debt waiver to Zee Group founder Subhash Chandra. The stay order effectively halts the relief granted by a smaller, three-member bench of the tribunal.
The appellate authority intervened to block the debt write-off, pending further legal proceedings. The original decision to waive the massive bank loan had been issued by the three-member panel, a move now suspended by the larger bench.
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