Subhash Chandra Clarifies ₹22,000 Crore Insolvency Case

Subhash Chandra’s office has now issued a clarification following the widespread reports about his ₹22,000 crore insolvency case. The office said the figure being reported refers to total claims and should not be understood as money personally borrowed by Chandra.

According to the clarification, Chandra was only a personal guarantor for loans taken by companies associated with the Essel Group. The total guarantees signed by him were around ₹22,000 crore, but the actual claims in the ongoing proceedings are different.

The office said lenders who objected to the repayment plan had filed claims worth ₹3,992 crore. Of this, ₹620 crore has already been settled, leaving ₹3,372 crore, while discussions are reportedly continuing on further settlements.

The clarification also pointed to Chandra’s current personal assets. His assets were valued at ₹39.08 crore in 2016 and stood at ₹31.79 crore in 2024, including a residential property worth around ₹25 crore.

This explanation comes after the NCLT approved a ₹6.5 crore repayment plan against admitted claims of around ₹22,006 crore, a development that created significant debate over the massive difference between the claims and proposed repayment.

Interestingly, Chandra’s office has also disputed reports that he had a personal net worth of ₹45,888 crore in 2017. It said that figure was based on the market value of Essel Group companies and should not be treated as his personal wealth.