6 days ago
Subhash Chandra Disputes ₹22,000-Crore NCLT Insolvency Claim
Subhash Chandra is involved in a personal insolvency case before a tribunal.
He says he did not personally borrow money from the lenders and only guaranteed loans taken by companies.
Chandra says the important claims against him were ₹3,992 crore, not ₹22,000 crore.
He says the bigger ₹22,006 crore number included all claims filed in the case.
Some money has already been settled, and the companies offered to pay more.
Creditors approved a ₹6.5-crore repayment plan, but some lenders objected afterward.
Chandra says the companies had already repaid nearly ₹43,000 crore of their earlier debt.
He also disputes reports that the market value of Essel Group companies represented his personal wealth.
Subhash Chandra said lenders’ claims objecting to his repayment plan totalled ₹3,992 crore, not ₹22,000 crore.
He said ₹620 crore had been settled, while borrowing entities offered either ₹1,063 crore or approximately ₹1,113 crore, according to differing figures in the statement.
Chandra said the ₹22,006 crore figure represented total claims filed, of which ₹21,696 crore were admitted, rather than his current personal debt.
Creditors approved his ₹6.5-crore repayment plan with 80.814% support, but some financial creditors later challenged it before the NCLT.
He said Essel Group borrowing entities had repaid nearly ₹43,000 crore of about ₹45,000 crore outstanding as of January 24, 2019.
- Who
- Subhash Chandra, lenders, creditors and Essel Group-associated borrowing entities.
- What
- Chandra disputed reports about the size of claims and defended a ₹6.5-crore repayment plan in his personal insolvency matter.
- Where
- Before the National Company Law Tribunal.
- When
- Chandra issued the statement on Thursday; the matter has been pending since February 8, 2022, and remains technically pending.
- Why
- Chandra said media reports had incorrectly interpreted court documents and presented historical or total claims as his current personal debt.
Subhash Chandra’s account
Media reports and objecting lenders
Meaning of the ₹22,000-crore figure
Subhash Chandra’s account
Chandra said ₹22,006 crore represented total or historical claims filed in the case, not his current personal debt or liability.
Media reports and objecting lenders
Some reports used figures from the insolvency documents to describe the size of the claims or guarantees connected to the proceedings.
Repayment plan
Subhash Chandra’s account
Chandra said the ₹6.5-crore plan was based on his ability to pay from his personal assets and had been approved by 80.814% of creditors.
Media reports and objecting lenders
Some financial creditors and other lenders subsequently filed objections before the National Company Law Tribunal.
Personal net worth
Subhash Chandra’s account
Chandra said reports wrongly treated the combined market capitalisation of Essel Group companies as his personal wealth.
Media reports and objecting lenders
Reports cited a lender-attributed personal net worth of ₹45,888 crore in 2017.
Key facts
- Claims cited by Chandra
- ₹3,992 crore filed by lenders objecting to the repayment plan.
- Total claims figure
- ₹22,006 crore in claims filed, of which ₹21,696 crore were admitted, according to Chandra.
- Settled amount
- ₹620 crore of the ₹3,992 crore claims had been settled.
- Additional settlement offer
- The articles cite ₹1,063 crore and approximately ₹1,113 crore as further offers by borrowing entities; the statement contains differing figures.
- Repayment plan
- The ₹6.5-crore plan received 80.814% creditor support.
- Company repayments
- Nearly ₹43,000 crore was repaid against approximately ₹45,000 crore outstanding as of January 24, 2019.
- Personal asset figures
- Chandra said he declared assets of ₹39.08 crore in 2016 and had personal net worth of ₹31.79 crore in 2024, including a residence valued at about ₹25 crore.
Quotes
Statement on behalf of Subhash Chandra
Statement clarifying Chandra’s role in the insolvency matter
“I have to state that certain vested media houses are spreading wrong information about my personal insolvency matter in NCLT. I urge all media platforms to publish the facts and to remove any misinformation that is incorrectly interpreted from the Court order.”
wionews.com
“All the numbers being quoted in the reports as judgement are taken from the documents were as total claims filed. It does not represent the current status.”
businesstoday.in
Sources
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