Zee Group Founder Subhash Chandra on Sunday detailed the outstanding balances owed to lenders in his personal insolvency matter, stating that the HDFC Group has made claims without a valid personal guarantee.
Chandra’s statement came in response to social media posts over the weekend carrying hashtags such as #PaiseVapasKaro. Arguing that the campaign is based on “a wrong perception and understanding” of the matter, he outlined the total claims made by lenders who have objected the repayment plan allowed by the National Company Law Tribunal (NCLT).
The plan allows Chandra to repay an amount of ₹6.5 crore against the admitted claims of over ₹22,000 crore, which he described as value of the total Personal Guarantees he had signed.
With regards to the HDFC Group, Chandra’s statement referred to 4 out of the 5 accounts of the bank and cited an outstanding balance of ₹775 crore. Against this claim, the statement included a remark that said “claims without valid personal guarantee.” However, it does not provide details of the fifth account. Similarly, he mentions outstanding dues for multiple accounts of LIC Housing Finance at ₹1,322 crore stating that he “offered to settle. Part security available.”
HDFC is one of the foremost lenders to consider an appeal before the NCLAT against the NCLT order that allowed Chandra to pay the revised amount. LIC Housing Finance followed soon after along with Canara Bank and Union Bank whose outstanding balances are ₹348 crore and ₹164 crore. According to Chandra’s latest statement the total outstanding dues to lenders amount to ₹4,262 crore.
“Amounts differ from the earlier press statement of ₹ 3,992 crore and ₹4,262 crore because some accounts were not taken as they neither voted for or against,” said Chandra’s office.
The media baron stated he has discussed the matter with borrowers and received an assurance to settle the ₹4,262 crore after reconciliation with lenders.
“Subhash Chandra hopes that the lenders will also engage with the borrowers, reconcile the outstanding accounts and recover their dues. He also hopes that those who supported #PaisaWapasKaro, as well as others commenting on social media will be satisfied with this,” the statement said.
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