It is becoming corporate India’s newest puzzle, and it is hard to digest.

The National Company Law Tribunal, in its latest order in the personal insolvency proceedings against Essel Group founder Subhash Chandra, has said that creditors will receive a mere Rs 6.5 crore under an approved repayment plan, even though he stood guarantee for Rs 22,006 crore, the aggregate of claims made against him personally for borrowings by several Essel / Zee-linked companies.

Chandra, in a statement released on August 26, has clarified that he had not borrowed money from any lender and was only a personal guarantor. He said the lenders' claims objecting to the plan were only Rs 3,992 crore. Chandra also said Rs 620 crore of the objectors’ claims had been settled and that borrower entities had offered more payments.........

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