# Indiabulls Housing Finance Limited vs. Dr Subhash Chandra

> NCLT judgment dated 2026-09-01. Citation: TCN-2026-NCLT-00903. The case originated from a Company Petition (CP IB-97/ND/2022) heard by a division bench of the…

- **Court:** NCLT
- **Order date:** 1 Sept 2026
- **Citation:** TCN-2026-NCLT-00903
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/indiabulls-housing-finance-limited-vs-dr-subhash-chandra-2tc3j

## Summary

### Background

The case originated from a Company Petition (CP IB-97/ND/2022) heard by a division bench of the National Company Law Tribunal (NCLT), New Delhi. Dissenting judgments were delivered on a repayment plan by the two members, leading to a difference of opinion. The matter was subsequently referred to the President, NCLT, and then to a third member for resolution.

## Facts

Company Petition CP IB-97/ND/2022 was heard by a division bench (Court-II, NCLT, New Delhi).

Dissenting judgments were delivered on 03.09.2025 by Sh. Ashok Kumar Bhardwaj, Member (Judicial) and Smt. Reena Sinha Puri, Member (Technical).

Sh. Ashok Kumar Bhardwaj approved the repayment plan, while Smt. Reena Sinha Puri rejected it due to various irregularities.

Due to the difference of opinion, the matter was placed before the then President, NCLT Justice Ramalingam Sudhakar on 25.09.2025.

The President, NCLT, referred the difference of opinion to a third member, Sh. Nilesh Sharma, Member (Judicial), NCLT Mumbai Bench, on 05.02.2026.

The third member first heard the matter on 20.02.2026 and pronounced judgment on 25.08.2026.

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## Issues and analysis

### Issue 1: Whether a clear majority view has emerged among the NCLT members regarding the approval of the …

**Ratio:** Section 419(5) of the Companies Act, 2013, mandates that if members of a Bench differ in

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**Reasoning:** Initially, a division bench delivered dissenting judgments on a repayment plan. Upon

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**Interpretation:** The phrase 'no clear majority view has emerged' implies that despite the

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**Application:** Since no clear majority view emerged, the NCLT Special Bench concluded that no

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## Parties

- **Judges:** ANUPINDER SINGH…; BACHU VENKAT…; +7 more
- **Appellants:** Indiabulls…
- **Respondents:** Subhash C…
- **Other parties:** dissenting…; Shiv Nandan…
- **Advocates:** Ld. Solicitor…; Anju…; +49 more

## Timeline

- **2025-09-03 — Dissenting Ju…**: Dissenting judgments delivered by the division bench (Court-II, NCLT, New Delhi)…
- **2025-09-25 — Referral to President…**: Matter placed before the then President, NCLT Justice Ramalingam Sudhakar, due to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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