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I got to know from insiders (from within the selection committee) that the committee has recommended Faizan for a third term. However, different influential people from outside are still trying to pull strings. Some want Balakista Reddy and others want SKDR. So far nobody has been batting openly for Priti Saxena, the fourth candidate. That's why the decision of the committee has not been officially released yet after more than two weeks. Picture abhi baki hai it seems!
p.s. People may call this contested. I can only disclaim that I don't have any personal favourite in this race and the person who told me this could not be doubted. I am not from NALSAR, but rather like the place still.
It is indeed a rumour. One can see Section 17 of the NALSAR Act for clarification.
I reproduce clause (ii) "the Vice- Chancellor shall be appointed by the Chancellor from out of a pannel of not less than three persons recommended (the names being arranged in alphabetical order)by the search committe"

The Search committee cannot recomend any name. He may be one among the three or more candidates shortlisted.
You should get better practical knowledge. It is a common practice for selection committees to place that shortlist before the chancellor in order of preference. The first name usually gets selected unless the chancellor has reasons not to.
Prof. S. K. Bhatnagar who is presently Vice Chancellor of RML NLU, Lucknow is also from Ambedkar University Lucknow. He was Dean and Vice Chancellor at Ambedkar University Lucknow. Anyway, if Priti Saxena fails to get NALSAR, she would get RMLNLU in November 2023.