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Subhash Chandra says borrowers assure settlement of Rs 4,262 crore
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Essel Group founder Subhash Chandra on Sunday said borrowers associated with his personal guarantees had assured him that they would reconcile their accounts with lenders and settle the balance of Rs 4,262 crore. The National Company Law Tribunal (NCLT) order approving Subhash Chandra’s proposal to pay just Rs 6.25 crore to creditors in personal insolvency proceedings came after the majority of creditors supported the repayment plan.
Of the total amount of Rs 4,808 crore disbursed, the borrowers paid Rs 3,803 crore, leaving a balance of only Rs 998 crore, according to a statement from Chandra’s office. The amount of Rs 4,262 crore differs from the earlier press statement of Rs 3,992 crore because some accounts were not taken into consideration as they neither voted for nor against, it said.
After reducing the settled/paid claims of Rs 1,049 crore, the remaining is Rs 4,262 crore,” the statement said. According to the statement, HDFC Bank has 4-5 accounts with an outstanding amount of Rs 775 crore.
This has been offered for settlement and part security is available, it said.
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- Essel Group founder Subhash Chandra on Sunday said borrowers associated with his personal guarantees had assured him that they would reconcile their accounts with lenders and settle the balance of Rs 4,262 crore.
- Of the total amount of Rs 4,808 crore disbursed, the borrowers paid Rs 3,803 crore, leaving a balance of only Rs 998 crore, according to a statement from Chandra’s office.
- After reducing the settled/paid claims of Rs 1,049 crore, the remaining is Rs 4,262 crore,” the statement said.
- According to the statement, HDFC Bank has 4-5 accounts with an outstanding amount of Rs 775 crore.
- This has been offered for settlement and part security is available, it said.
- The National Company Law Tribunal (NCLT) order approving Subhash Chandra’s proposal to pay just Rs 6.25 crore to creditors in personal insolvency proceedings came after the majority of creditors supported the…
- The amount of Rs 4,262 crore differs from the earlier press statement of Rs 3,992 crore because some accounts were not taken into consideration as they neither voted for nor against, it said.
Sources
- healthlink