Subhash Chandra’s office clarifies Rs 22,000-crore insolvency claims

According to the clarification, lenders that objected to the proposed repayment plan had filed claims totalling Rs 3,992 crore against Chandra in his capacity as personal guarantor. Of this amount, claims worth Rs 620 crore have already been settled, leaving Rs 3,372 crore, the statement said.

New Delhi: The office of Zee founder Subhash Chandra has disputed reports surrounding his personal insolvency proceedings before the National Company Law Tribunal (NCLT), saying the widely reported figure of Rs 22,000 crore does not represent his current personal debt.

In a statement issued on Thursday, Chandra’s office said the Rs 22,000-crore figure refers to the total value of claims filed by lenders in the proceedings. According to the statement, Chandra did not personally borrow the money but had given personal guarantees for loans raised by companies associated with the Essel Group.

Chandra says he acted as guarantor

The statement said Chandra’s personal guarantees covered loans worth about Rs 22,000 crore. It added that a large portion of these guarantees were issued after January 24, 2019, when the group had already defaulted in the financial system.

The office said the claims should therefore not be........

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