Archive · 30 Aug 2026
Subhash Chandra Says Borrowers Will Settle ₹4,262 Crore Claims
Subhash Chandra is explaining what happened with loans connected to his personal guarantees.
He says he did not personally borrow any money, but he promised lenders that certain borrowers would repay their loans.
These guarantees totaled ₹22,000 crore.
The borrowers received ₹4,808 crore from listed lenders and have repaid ₹3,803 crore.
Lenders still calculated claims of ₹5,311 crore against Chandra, with ₹4,262 crore remaining after some claims were settled or paid.
Chandra says the borrowers have promised to pay that amount after checking the accounts.
The tribunal approved a repayment plan that would give creditors only a very small part of their total claims.
Chandra issued his explanation after criticism and posts using the hashtag #PaiseVapasKaro.
Subhash Chandra said borrowers linked to his personal guarantees have assured him they will settle ₹4,262 crore in lender claims after account reconciliation.
Chandra said his personal borrowing was zero, while the personal guarantees he signed totaled ₹22,000 crore.
Borrowers received ₹4,808 crore from listed lenders and repaid ₹3,803 crore, while claims filed against Chandra totaled ₹5,311 crore.
After ₹1,049 crore in claims were settled or paid, the remaining claims were calculated at ₹4,262 crore; Chandra attributed an earlier ₹3,992-crore figure to non-voting accounts.
The National Company Law Tribunal approved a plan offering creditors about three paise per ₹100 of their ₹22,006.57-crore claims, with more than 80% creditor voting support.
- Who
- Essel Group chairman and Zee Group founder Subhash Chandra, borrowers linked to his guarantees, and the lenders involved in his insolvency proceedings.
- What
- Chandra said the borrowers have assured him they will settle ₹4,262 crore in remaining lender claims, subject to reconciliation.
- When
- Sunday, shortly after the National Company Law Tribunal approved his repayment plan.
- Where
- In proceedings before the National Company Law Tribunal, with Chandra also issuing a statement on X.
- Why
- Chandra said he wanted to correct what he described as a wrong perception and misunderstanding of the insolvency matter following social media criticism.
Chandra's Clarification
Creditors' Claims and Concerns
Responsibility for repayment
Chandra's Clarification
Chandra says he had no personal borrowing and that the borrowers who received the funds have assured him they will settle the remaining claims.
Creditors' Claims and Concerns
Lenders filed claims against Chandra because he had signed personal guarantees totaling ₹22,000 crore.
Amount still payable
Chandra's Clarification
Chandra identifies ₹4,262 crore as the remaining amount after ₹1,049 crore in claims were settled or paid, subject to reconciliation.
Creditors' Claims and Concerns
The repayment plan concerns creditors' overall claims of ₹22,006.57 crore, while an earlier public figure of about ₹3,992 crore led to questions about the calculation.
Treatment of lender claims
Chandra's Clarification
Chandra says some claims involved available securities, disputed or invalid guarantees, pending proceedings, or settlement offers made by borrowers.
Creditors' Claims and Concerns
The claims remain part of the insolvency and recovery process, with the NCLT-approved plan offering creditors only about three paise per ₹100 of their claims.
Guarantee timing
Chandra's Clarification
Chandra's statement says guarantees were signed both when funds were raised and after defaults.
Creditors' Claims and Concerns
The two reports differ on the split: one says ₹4,800 crore was guaranteed at borrowing and the remainder after defaults, while the other says ₹17,200 crore was guaranteed at borrowing and ₹4,800 crore after defaults.
- Total personal guarantees
- ₹22,000 crore
- Chandra's stated personal borrowing
- ₹0
- Funds received by borrowers
- ₹4,808 crore from listed lenders
- Borrower repayments
- ₹3,803 crore
- Claims filed against Chandra
- ₹5,311 crore
- Remaining claims after settlements
- ₹4,262 crore after ₹1,049 crore was settled or paid
- NCLT-approved recovery
- About three paise per ₹100 of creditors' ₹22,006.57-crore claims, equivalent to a 99.97% haircut
- Asset valuation cited by Chandra
- Assets declared in 2016 were valued at ₹39.08 crore and later stated to have fallen to ₹31.79 crore
