2 days ago
Subhash Chandra Says Borrowers Will Settle Rs 4,262 Crore
Subhash Chandra discussed money that borrowers still need to settle with lenders.
His office said the borrowers had received Rs 4,808 crore.
They had already paid Rs 3,803 crore.
The statement said Rs 998 crore remained payable based on the original calculation.
However, lenders filed claims totaling Rs 5,311 crore.
After subtracting Rs 1,049 crore in settled or paid claims, the office calculated Rs 4,262 crore as remaining.
Chandra said the borrowers promised to reconcile their accounts with the lenders.
His office also disputed the validity or basis of some bank claims.
Subhash Chandra said borrowers linked to his personal guarantees assured him they would settle Rs 4,262 crore with lenders.
A total of Rs 4,808 crore was disbursed, while borrowers paid Rs 3,803 crore, according to his office.
The statement said the original payable balance was Rs 998 crore, while claims filed totaled Rs 5,311 crore.
After settled or paid claims of Rs 1,049 crore were deducted, the remaining amount was calculated at Rs 4,262 crore.
HDFC Bank’s claimed Rs 775 crore allegedly lacks valid personal guarantees, while Canara Bank’s Rs 348 crore relates to US-based borrower assets.
- Who
- Essel Group founder Subhash Chandra, borrowers associated with his personal guarantees, HDFC Bank and Canara Bank.
- What
- Borrowers reportedly assured Chandra that they would reconcile their accounts and settle Rs 4,262 crore with lenders.
- Where
- The statement concerns lenders in India and borrowing against some assets in the United States.
- When
- Sunday; the article does not provide a specific date.
- Why
- The borrowers were expected to resolve outstanding claims and reconcile differences between amounts payable, paid, and claimed.
Chandra’s Office
Lenders’ Filed Claims
Amount remaining
Chandra’s Office
Chandra’s office calculated the remaining amount at Rs 4,262 crore after deducting Rs 1,049 crore in settled or paid claims.
Lenders’ Filed Claims
Claims filed by lenders totaled Rs 5,311 crore, substantially higher than the Rs 998 crore payable balance cited in the statement.
HDFC Bank guarantees
Chandra’s Office
Chandra’s office said HDFC Bank’s Rs 775 crore claims were not supported by valid personal guarantees.
Lenders’ Filed Claims
HDFC Bank had 4-5 accounts with an outstanding amount of Rs 775 crore, according to the statement; no separate bank response was provided.
Canara Bank borrowing
Chandra’s Office
Chandra’s office characterized Canara Bank’s Rs 348 crore as borrowing against assets held by the borrower in the United States.
Lenders’ Filed Claims
Canara Bank recorded an outstanding amount of Rs 348 crore, according to the statement; the article gives no separate explanation from the bank.
Key facts
- Total disbursed
- Rs 4,808 crore
- Amount paid by borrowers
- Rs 3,803 crore
- Original balance stated
- Rs 998 crore
- Claims filed
- Rs 5,311 crore
- Settled or paid claims deducted
- Rs 1,049 crore
- Remaining amount calculated
- Rs 4,262 crore
- HDFC Bank outstanding claim
- Rs 775 crore across 4-5 accounts, which Chandra’s office said lacked valid personal guarantees
- Canara Bank outstanding
- Rs 348 crore, described as borrowing against the borrower’s assets in the United States
Quotes
Subhash Chandra’s office
Office of Essel Group founder Subhash Chandra
“Against a payable amount of Rs 998 crore, claims filed were Rs 5,311 crore. After reducing the settled/paid claims of Rs 1,049 crore, the remaining is Rs 4,262 crore.”
indianexpress.com
Sources
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