Sources clarify that the National Company Law Tribunal’s recent approval of a repayment plan for Essel Group founder Subhash Chandra does not imply a 99.97 per cent write-off of Rs 22,000 crore in bank loans, emphasising the crucial distinction between personal guarantee claims and direct personal debt.
IMAGE: A file photo of Zee News listing on BSE. Photograph: Sahil Salvi for Rediff
Key Points
- The Rs 22,006 crore figure represents claims against Subhash Chandra as a personal guarantor for Essel/Zee-linked companies, not his personal debt.
- The NCLT-approved plan provides for a recovery of approximately Rs 6.25 crore from Chandra’s personal estate, with principal corporate borrowers remaining liable for their debts.
- Only about…