Subhash Chandra says 22,000 cr are guarantees for other companies
Business
Subhash Chandra, Essel Group's chairman, wants everyone to know that the ₹22,000 crore tied to his insolvency case isn't about loans he personally took.
He explained on social media that these are guarantees he gave for loans borrowed by other companies, not his own debts.
Subhash Chandra details repayments and claims
Chandra broke down the numbers: out of ₹4,800 crore in guarantees, borrowers have already repaid ₹3,803 crore, leaving ₹998 crore still outstanding.
Lenders have also filed claims totaling around ₹5,311 crore in the personal insolvency proceedings; of those, ₹1,049 crore of these claims had subsequently been settled or paid.
He emphasized again that his own borrowing is "My borrowing is ₹0," urging lenders to work directly with the borrowing companies to sort things out.