6 days ago
Subhash Chandra’s ₹22,000 Crore Personal Insolvency Plan Approved
Subhash Chandra is a businessman who started Zee TV in 1992.
His Essel Group later grew into a large media and entertainment business.
Some companies linked to the group borrowed significant amounts of money.
Chandra personally guaranteed some of those loans.
Creditors said they were owed about ₹22,006.57 crore under those guarantees.
However, they approved a plan to receive only ₹6.25 crore.
The National Company Law Tribunal approved that plan after reviewing its legal compliance.
Creditors may still try to recover money from the companies that originally borrowed it or from available collateral.
The National Company Law Tribunal approved Subhash Chandra’s personal insolvency repayment plan.
Creditors admitted claims of approximately ₹22,006.57 crore against Chandra as a personal guarantor.
The approved plan provides creditors ₹6.25 crore, with another ₹25 lakh allocated to insolvency costs.
The recovery equals roughly 0.03% of admitted claims, representing a nearly 99.97% haircut.
Chandra launched Zee TV in 1992, helping establish India’s private satellite television industry.
- Who
- Subhash Chandra Goenka, Essel Group-linked companies, creditors, and the National Company Law Tribunal.
- What
- The tribunal approved a personal insolvency repayment plan under which creditors will receive ₹6.25 crore against admitted claims of about ₹22,006.57 crore.
- Where
- The case was considered by the National Company Law Tribunal in India.
- When
- Chandra launched Zee TV in 1992; financial stress in the Essel Group became increasingly visible from 2018, and the tribunal later approved the repayment plan.
- Why
- The insolvency case arose from Chandra’s personal guarantees for loans taken by companies associated with the Essel Group.
Key facts
- Admitted claims
- Approximately ₹22,006.57 crore
- Creditor repayment
- ₹6.25 crore
- Insolvency process allocation
- ₹25 lakh
- Estimated recovery
- Roughly 0.03% of admitted claims
- Estimated haircut
- Nearly 99.97%
- Creditor approval
- The plan received 80.81% of the voting share
- Zee TV launch
- 1992
Sources
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