Subhash Chandra's ₹22,006.57 crore debt settled for ₹6.5 crore
Subhash Chandra, founder of Zee Media Group, has secured a settlement of his personal guarantee worth ₹22,006.57 crore by offering to pay only ₹6.5 crore, resulting in a more than 99% haircut for creditors. The National Company Law Tribunal (NCLT) approved the repayment plan based on the support of 80.814% of creditors, despite objections from dissenting creditors including major banks. The repayment plan will exclude claims from certain individuals, and the Resolution Professional noted that Mr. Chandra's estate may not cover bankruptcy expenses. The creditors opposing the plan raised concerns about the voting rights of related parties. The case involves guarantees for loans taken by Essel Group companies, with the principal borrowers still liable for the debts.
Published 2 days ago • 27 Aug 2026, 07:07 PM IST