Subhash Chandra contests lenders' ₹4,262cr claims despite NCLT ₹6.5cr plan
Subhash Chandra, who started Zee Group, is challenging lenders' demand for ₹4,262 crore in his personal insolvency case.
He's especially calling out HDFC Group for including amounts he says aren't backed by valid guarantees, and he described a social media campaign carrying "#PaiseVapasKaro" as giving "a wrong perception and understanding" of the matter in a recent statement responding to social media posts.
Despite huge claims totaling over ₹22,000 crore, the National Company Law Tribunal (NCLT) approved a plan where Chandra will repay just ₹6.5 crore.
HDFC ₹775cr, LIC Housing Finance ₹1,322cr
Chandra broke down the numbers: HDFC cited ₹775 crore for 4 out of its 5 accounts, "claims without valid personal guarantee."
LIC Housing Finance wants ₹1,322 crore but only has partial security.
Canara Bank and Union Bank are asking for smaller amounts too.
Some lenders, including HDFC and LIC Housing Finance, were among those considering an appeal before the NCLAT against the NCLT order.
Subhash Chandra open to lender talks
He explained that some claim differences are due to accounts not included in voting and said he's open to discussions with lenders to reconcile everything.
Even with all these disputes, Chandra insists he's committed to paying off his debts and has discussed the matter and received an assurance to settle the ₹4,262 crore after reconciliation.