- Essel Group chairman Subhash Chandra has pushed back against criticism over his personal insolvency proceedings, saying the group has repaid around Rs 43,000 crore of the nearly Rs 45,000 crore it owed after its financial crisis in 2019.
- In a video message, Chandra said he and his family sold personal assets, including their home, to meet the group's repayment obligations.
- According to Chandra, roughly Rs 2,000 crore remains linked to companies where asset-liability mismatches have delayed repayment.
- He maintained that he had not personally borrowed Rs 22,000 crore from banks and financial institutions.
- Chandra separately put the claims of lenders objecting to the resolution plan at around Rs 3,900 crore, and said about Rs 620 crore had already been settled, while borrowing entities had offered around Rs 1,100 crore to lenders.
- NCLT has approved Subhash Chandra's debt settlement plan.
Subhash Chandra, chairman of Essel Group, defended his financial actions, revealing that the group has repaid Rs 43,000 crore of the Rs 45,000 crore owed after a financial crisis in 2019. In a recent video message, he emphasized the sacrifices made by his family, stating, "We sold our family's assets, we sold our assets, we almost sold Company, we did not keep anything, we even sold our house, but we paid everyone's money."1
Chandra attributed the group's financial troubles to an asset-liability mismatch that emerged on January 24, 2019. He noted that approximately Rs 2,000 crore remains tied to companies where these mismatches have hindered repayment. Following the approval of his debt settlement plan by the NCLT, Chandra is set to pay Rs 6.5 crore against claims of about Rs 22,006 crore.48
Chandra clarified that he has not personally borrowed Rs 22,000 crore from banks and financial institutions, and he has already settled Rs 620 crore of the claims. He mentioned that borrowing entities have offered around Rs 1,100 crore to lenders, while claims from lenders opposing the resolution plan stand at Rs 3,900 crore.567
“Chandra disputed personally borrowing Rs 22,000 crore, and said lender claims stood at Rs 3,900 crore, with Rs 620 crore settled and Rs 1,100 crore offered. He added that roughly Rs 2,000 crore remains tied to asset-liability mismatches.”
