4 days ago
Subhash Chandra Seeks Audit Amid Essel Debt Dispute
Subhash Chandra says his business group borrowed about ₹45,000 crore.
He says about ₹43,000 crore has already been repaid, leaving roughly ₹2,000 crore delayed.
He says the problems began because the group’s assets and payments did not match its debts.
The group sold personal and family assets, and Chandra says his house was mortgaged to raise money.
He wants an independent audit to check the borrowing, defaults, and repayments.
Chandra says the NCLT case concerns guarantees he gave for company loans, not personal borrowing.
Different figures were cited for the tribunal matter: Chandra mentioned about ₹3,900 crore, while the broader case lists ₹22,006.57 crore in admitted claims.
HDFC Bank plans to appeal, while Reliance Group rejected Chandra’s media-related allegations.
Subhash Chandra claims Essel Group repaid ₹43,000 crore of its ₹45,000 crore total debt.
He attributes the group’s financial problems, which surfaced on 24 January 2019, to an asset-liability mismatch.
Chandra says the NCLT proceedings concern personal guarantees, while some lender claims had already been repaid.
Chandra says the NCLT matter involves about ₹3,900 crore, while admitted claims in the broader insolvency matter total ₹22,006.57 crore.
He urged an independent audit; HDFC Bank plans to appeal the repayment order, and Reliance Group denied allegations against its media entities.
- Who
- Subhash Chandra, Essel Group, lenders including HDFC Bank, the National Company Law Tribunal, Finance Minister Nirmala Sitharaman, and Reliance Group.
- What
- Chandra called for an independent audit of Essel Group’s debt, repayments, and defaults while discussing NCLT proceedings and his future plans.
- Where
- The dispute involves proceedings before India’s National Company Law Tribunal; Chandra said he plans to work with investment professionals in Switzerland.
- When
- The financial problems reportedly surfaced on 24 January 2019; Chandra’s statements and the NCLT order were reported this week.
- Why
- Chandra says an audit is needed to establish how much the group borrowed, defaulted on, and subsequently repaid.
Chandra’s Account
Lenders and Media Response
Extent of debt repayment
Chandra’s Account
Chandra says Essel Group repaid ₹43,000 crore of its approximately ₹45,000 crore debt and remains committed to repaying lenders.
Lenders and Media Response
The broader NCLT matter records ₹22,006.57 crore in admitted claims, and HDFC Bank plans to challenge the tribunal’s repayment approval.
Scale of the NCLT matter
Chandra’s Account
Chandra says the relevant NCLT matter involves about ₹3,900 crore and that some claims had already been repaid.
Lenders and Media Response
The broader insolvency proceedings cite admitted claims of ₹22,006.57 crore, creating a discrepancy with Chandra’s figure.
Media allegations
Chandra’s Account
Chandra accused certain media houses of spreading incorrect information about his personal insolvency matter and sought an independent audit.
Lenders and Media Response
Reliance Group called the allegations against its media entities baseless and said its media brands have not been used to attack anyone.
Key facts
- Total debt claimed by Chandra
- About ₹45,000 crore
- Debt Chandra says was repaid
- About ₹43,000 crore
- Debt Chandra says remains stalled
- About ₹2,000 crore
- Chandra’s stated NCLT figure
- About ₹3,900 crore
- Admitted claims in the broader insolvency matter
- ₹22,006.57 crore
- Claims linked to borrowing entities reportedly repaid
- About ₹620 crore
- Pending settlement offer
- Roughly ₹1,100 crore
- HDFC Bank’s stated share of admitted claims
- 3.2 percent
Quotes
Reliance Group spokesperson
Spokesperson for the Mukesh Ambani-led Reliance Group responding to Chandra’s allegations
“We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group.”
businesstoday.in
“I am the first person to accept that I made a mistake in the corporate world.”
rediff.com
businesstoday.in
Sources
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