Zee Group founder Subhash Chandra on Sunday shared details pertaining to the NCLT order of settlement after hashtags like 'PaisaVapasKaro' trends on social media. In an official statement, Chandra said there was a “wrong perception and understanding” of the matter.
“I have seen and observed social media posts since the past three days on the above issue. Some of the posts also included hashtags like #PaiseVapasKaro. There has been a wrong perception and understanding about the matter,” he said in an official statement.
On August 27, the National Company Law Tribunal (NCLT) approved a repayment plan submitted by Chandra in his personal insolvency case, under which creditors will recover just Rs 6.5 crore against admitted claims of Rs 22,006.57 crore, a haircut of nearly 99.97%.
Chandra said he had not personally borrowed any money, while the total value of personal guarantees he had signed stood at Rs 22,000 crore.
According to the statement, borrowers had received Rs 4,808 crore from the lenders listed in the case and had repaid Rs 3,803 crore, leaving a balance of Rs 998 crore. However, claims filed against the personal guarantor amounted to Rs 5,311 crore.
Chandra said the claims were subsequently reduced to Rs 4,262 crore after accounting for settled and paid claims. He added that he had discussed the matter with the borrowers, who had assured him that they would settle the outstanding amount after reconciling their accounts with the lenders.
The statement also said there were substantial borrowings from foreign funds, domestic funds, NBFCs and corporates. Most of these were either settled or were in the process of being settled, while the remaining amounts were backed by adequate assets or were expected to be paid.
Chandra said he hoped lenders would discuss the outstanding amounts with the borrowers, reconcile their accounts and recover the dues.
ALSO READ: 'Not Rs 22,000 Crore': Subhash Chandra Clarifies On Claims Of 99.97% Debt Haircut Via NCLT
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