Before the National Company Law Appellate Tribunal (NCLAT), the bank has questioned the Essel Group promoter’s declaration of personal assets of about ₹31.8 crore. Chandra maintains that Greatway Estates Ltd owned the bungalow at 4, Bhagwan Das Road, and that he neither sold it nor received its sale proceeds.

Canara Bank argues that Chandra’s repayment proposal conflicts with that position. According to the bank, the document says he arranged for Greatway Estates to sell the bungalow to clear debt of ₹774 crore. The lender contends that this indicates effective control, despite the property being held in a company’s name.

The bank also points to Greatway Estates’ capital of ₹5 lakh and its use of an Essel Group email address. These are part of its argument about the company’s links to Chandra, not a final finding on ownership. After an earlier tribunal rejected newspaper reports as insufficient evidence, the lender is relying on his signed documents.

Separately, a five-member NCLT bench has put approval of the repayment plan on hold, citing the absence of a clear majority among the members who previously considered it. Chandra has been barred from directly or indirectly disposing of or transferring assets until the next hearing. The NCLAT appeal has been adjourned to October 7, 2026.