Borrowers will settle ₹4,262 crore after reconciliation: Dr Subhash Chandra
&imwidth=600&imheight=450&format=webp&quality=medium "Borrowers will settle ₹4,262 crore after reconciliation: Dr Subhash Chandra")
The office of Dr. Subhash Chandra has issued a detailed clarification on the NCLT settlement order
The statement said that the difference between the amount described as payable and the claims submitted by lenders would need to be reconciled. Dr Chandra discussed with the borrowers and received assurances that the remaining ₹4,262 crore would be settled after reconciliation with lenders.
The office of Dr. Subhash Chandra has issued a detailed statement on the settlement order in his personal insolvency proceedings before the National Company Law Tribunal (NCLT), saying that social media reactions over the past three days have created a “wrong perception” of the matter.
Dr. Chandra’s office said the statement intends to explain the financial position of the personal guarantor and the repayment plan prepared during the insolvency proceedings.
According to the statement, the total amount disbursed by the lenders listed in the proceedings was approximately Rs 4,808 crore. Borrowers had repaid Rs 3,803 crore, leaving an outstanding balance of about Rs 998 crore. However, claims filed against the personal guarantor amounted to Rs 5,311 crore.
Also Read: NCLT case: Dr Subhash Chandra denies reports of Rs 22,000-crore loan, urges media to correct facts
According to the statement, Dr Chandra signed personal guarantees aggregating ₹22,000 crore. Of these, guarantees worth around ₹4,800 crore were signed when funds were borrowed by the respective entities. The remaining guarantees, it said, were signed after defaults had occurred.
The statement emphasised that the underlying loans were taken by various companies and not by Dr Chandra in his personal capacity and it presented a lender-wise account of the claims submitted in the personal insolvency proceedings initiated by Indiabulls Housing Finance Ltd.
According to the figures shared by Dr Chandra’s office, lenders covered in the statement had collectively disbursed ₹4,808 crore to the borrowing entities. Of this, the borrowers had repaid ₹3,803 crore, leaving a balance of ₹998 crore.
However, claims totalling ₹5,311 crore were filed against Dr Chandra as the personal guarantor. Following the settlement or payment of claims amounting to ₹1,049 crore, the remaining claims stood at ₹4,262 crore, the statement said.
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Dr Chandra maintained that the difference between the amount described as payable and the claims submitted by lenders would need to be reconciled between the lenders and the respective borrowing entities.
He further said he had discussed the matter with the borrowers and had received assurances that the remaining ₹4,262 crore would be settled after reconciliation with the lenders.
Dr Chandra’s office added that the borrowing entities had also raised money from foreign funds, domestic funds, non-banking financial companies and corporates. It claimed that most of these borrowings had either been settled or were in the process of being settled.
Dr Chandra urged lenders to engage directly with the borrowing entities, reconcile the outstanding accounts and recover the amounts due from them
The statement came after posts circulated online, some carrying hashtags such as #PaiseVapasKaro and #PaisaWapasKaro.
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The statement added that other borrowings from foreign funds, domestic funds, NBFCs and corporates were also being settled or were backed by adequate assets.
Dr. Chandra also announced an Instagram Live on Monday, August 31, from 9 am onwards, where he will directly address the recent NCLT proceedings and his personal insolvency case.
