Subhash Chandra denies borrowing as NCLT approves ₹6.5cr repayment
Zee Group founder Subhash Chandra has spoken up about his personal insolvency case, which has been discussed on social media with #PaiseVapasKaro.
He clarified that he didn't actually borrow money himself, but stood as a guarantor for loans taken by other companies.
Despite pushback from some lenders like HDFC Bank and LIC Housing Finance, the National Company Law Tribunal (NCLT) approved a plan for him to repay ₹6.5 crore, even though the total claims amount to about ₹22,006.57 crore.
Chandra says assets cover remainder
Chandra explained that most of these loans are already settled or in the process of being resolved, and there are enough assets or expected repayments to cover what's left.
He also asked lenders to sort out their accounts directly with the companies that took the loans.
The NCLT's approval of his repayment plan is a key step in clearing things up around his financial situation.