Archive · 30 Aug 2026
Subhash Chandra clarifies ₹22,000 crore personal guarantee controversy
Subhash Chandra said he did not personally borrow ₹22,000 crore.
He said that number refers to guarantees he gave for loans taken by companies.
A guarantee means he could become responsible if those companies do not repay.
According to his statement, the companies originally borrowed ₹4,808 crore.
They had already repaid ₹3,803 crore, leaving about ₹998 crore from the original borrowing.
However, lenders filed larger claims of ₹5,311 crore in his insolvency case.
Chandra said ₹1,049 crore of those claims was later settled or paid.
He said borrowers promised to settle the remaining ₹4,262 crore and asked for an independent audit.
Subhash Chandra said his personal borrowing was ₹0, while his signed guarantees totaled about ₹22,000 crore.
He said only ₹4,808 crore was borrowed when guarantees were issued, with ₹3,803 crore already repaid.
Lenders filed personal-insolvency claims of ₹5,311 crore, of which ₹1,049 crore was settled or paid.
Chandra said ₹4,262 crore remained after reconciliation and that borrowers had assured him they would settle it.
He called for an independent audit of the group’s borrowing, defaults and repayments.
- Who
- Subhash Chandra, borrowers connected to his group and lenders involved in the personal-insolvency proceedings.
- What
- Chandra explained the difference between his ₹22,000 crore in personal guarantees and his personal borrowing, which he said was ₹0.
- When
- Chandra issued the statement on August 30, 2026, after discussing social-media posts about the controversy.
- Where
- The figures concern personal-insolvency proceedings before the National Company Law Tribunal and claims by various lenders.
- Why
- He said social-media posts had created a wrong perception that he personally borrowed ₹22,000 crore.
Chandra’s clarification
Lenders’ insolvency claims
Meaning of ₹22,000 crore
Chandra’s clarification
Chandra said the figure represented personal guarantees, not money he personally borrowed or received.
Lenders’ insolvency claims
The figure cited in the controversy refers to the total guarantees lenders could potentially rely on after borrower defaults.
Amount at issue
Chandra’s clarification
Chandra emphasized that the borrowing entities received ₹4,808 crore, repaid ₹3,803 crore and had about ₹998 crore outstanding from that original borrowing.
Lenders’ insolvency claims
Lenders’ claims in the personal-insolvency proceedings totaled ₹5,311 crore, higher than the original borrowing figure presented by Chandra.
Responsibility for repayment
Chandra’s clarification
Chandra said the borrowers had assured him they would settle the reconciled balance of ₹4,262 crore.
Lenders’ insolvency claims
The claims were filed against Chandra in personal-insolvency proceedings, with the resolution process examining his assets and available funds.
Need for verification
Chandra’s clarification
Chandra called for an independent auditor to establish the group’s borrowing at its first default and subsequent repayments.
Lenders’ insolvency claims
The article reports the lenders’ claims and reconciliation figures but does not state a separate lender position on the proposed audit.
- Personal borrowing
- Chandra said his own borrowing was ₹0.
- Total guarantees
- He said he had signed personal guarantees totaling about ₹22,000 crore.
- Borrowing at guarantee stage
- The borrowing entities had received ₹4,808 crore when the relevant funds were obtained.
- Amount repaid
- Borrowers had paid ₹3,803 crore, according to Chandra’s statement.
- Lenders’ insolvency claims
- Lenders filed claims totaling ₹5,311 crore.
- Settled or paid claims
- ₹1,049 crore of the claims was subsequently settled or paid.
- Remaining balance
- Chandra’s reconciliation showed ₹4,262 crore outstanding.
- Declared assets
- His statement said declared assets fell from ₹39.08 crore in 2016 to ₹31.79 crore, including a mortgaged ₹25 crore residence.