Essel Group founder Subhash Chandra has denied reports claiming he received a massive debt waiver of around ₹22,000 crore through insolvency proceedings before the National Company Law Tribunal (NCLT).
In a statement, Chandra said the ₹22,006-crore figure being reported refers to the total claims submitted by lenders and not the amount he personally owes. He accused some media outlets of presenting an incomplete picture of the case.
Chandra clarified that he did not directly borrow the money. Instead, he had acted as a personal guarantor for loans taken by companies linked to the Essel Group. He said these companies have already repaid nearly ₹43,000 crore out of borrowings of about ₹45,000 crore since 2019.
According to Chandra, lenders opposing the repayment plan currently have claims of about ₹3,992 crore, of which ₹620 crore has already been settled. He added that discussions are underway to resolve the remaining dues.
He also said the repayment plan was approved by 80.8% of creditors.
Chandra further rejected reports that his net worth was ₹45,888 crore in 2017, saying his declared assets were much lower and that his net worth stood at ₹31.79 crore in 2024.
The case is still pending before the NCLT, while some lenders, including HDFC Bank, are considering challenging the plan before the National Company Law Appellate Tribunal (NCLAT).