The legal team of Essel Group Chairman Dr Subhash Chandra told the National Company Law Appellate Tribunal (NCLAT) on Wednesday that a malicious media narrative was manufactured in the last 15 days over Rs 6.5 crore repayment proposal against creditors’ claims of Rs 22,006 crore even though there was no such final NCLT order in effect. The media narrative caused unfair reputational damage to Dr Chandra, the team said.&nbsp;Appearing for Dr Chandra, Senior Advocate Sasmit Patra said the August 25 opinion approving the repayment plan had not crystallised into a final, enforceable NCLT order but led to a media trial that has tarnished Dr Chandra’s reputation across the country.&nbsp;&nbsp;“The fact is that there is no order today standing in this matter. But for the last 15 days, the personal guarantor, Dr Subhash Chandra, has been vilified across this country, saying that only Rs 6.5 crore are being repaid against credit of Rs 22,000 crore,” Patra submitted before the NCLAT coram of Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra.&nbsp;The NCLAT observed that it was not passing any order on Patra’s submission and said Dr Chandra could raise his grievance before the National Company Law Tribunal (NCLT), where the insolvency proceedings are pending.&nbsp;<h2>Contests constitution of 5-member NCLT bench</h2>&nbsp;During the hearing, Patra also questioned the constitution of a 5-member NCLT bench to re-evaluate the repayment plan.&nbsp;He argued that Section 419(5) of the Companies Act, read with the Insolvency and Bankruptcy Code (IBC), does not empower the tribunal to form such a bench.&nbsp;“The scope of Section 419(5) is very limited. If there is a differing view, then that differing view has to be taken up by another member or other members. It does not empower the NCLT under the IBC or company law to form a five-member Bench,” Patra submitted.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/nclt-case-dr-subhash-chandra-says-claims-not-true-and-inaccurately-represent-facts-over-reports-of-rs-22-000-crore-loan-1787913325091">NCLT case: Dr Subhash Chandra says 'claims not true and inaccurately represent facts' over reports of 'Rs 22,000 crore loan'</a>&nbsp;He also disputed the lenders’ contention that the three NCLT members who considered the repayment plan had completely divergent opinions.&nbsp;&nbsp;Patra said that Judicial Members Ashok Kumar Bhardwaj and Nilesh Sharma had both favoured approval of the repayment plan and were aligned on the eligibility issue under Section 79 of the IBC, and differed only over the treatment of dissenting creditors.&nbsp;“Both are equally on the same page as far as Section 79 is concerned on eligibility. Therefore, to say all these issues have to be re-litigated is completely wrong,” Patra argued.&nbsp;<h2>Opposes lenders’ bid to withdraw appeals for now</h2>&nbsp;Solicitor General Tushar Mehta, appearing for the appellant-lenders, initially sought to withdraw the lenders’ appeals with liberty to revive them if necessary. He said the appeals might no longer require immediate consideration since the 5-member NCLT bench had stayed the August 25 opinion and decided to hear the case afresh.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/nclt-case-dr-subhash-chandra-denies-reports-of-rs-22-000-crore-loan-urges-media-to-correct-facts-1787841820299">NCLT case: Dr Subhash Chandra denies reports of Rs 22,000-crore loan, urges media to correct facts</a>&nbsp;Patra opposed the withdrawal of appeals with liberty to revive. He pointed out that the lenders’ appeals were defective because no final order had crystallised out of the August 25 opinion.&nbsp;Following opposition from Dr Chandra’s counsel, Mehta decided not to press the withdrawal and requested that the appeals remain pending. The NCLAT agreed and listed them for October 7, 2026.

Appearing for Dr Chandra, Senior Advocate Sasmit Patra said the August 25 opinion approving the repayment plan had not crystallised into a final, enforceable NCLT order but led to a media trial that has tarnished Dr Chandra’s reputation across the country.

The legal team of Essel Group Chairman Dr Subhash Chandra told the National Company Law Appellate Tribunal (NCLAT) on Wednesday that a malicious media narrative was manufactured in the last 15 days over Rs 6.5 crore repayment proposal against creditors’ claims of Rs 22,006 crore even though there was no such final NCLT order in effect. The media narrative caused unfair reputational damage to Dr Chandra, the team said. Appearing for Dr Chandra, Senior Advocate Sasmit Patra said the August 25 opinion approving the repayment plan had not crystallised into a final, enforceable NCLT order but led to a media trial that has tarnished Dr Chandra’s reputation across the country. “The fact is that there is no order today standing in this matter. But for the last 15 days, the personal guarantor, Dr Subhash Chandra, has been vilified across this country, saying that only Rs 6.5 crore are being repaid against credit of Rs 22,000 crore,” Patra submitted before the NCLAT coram of Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra. The NCLAT observed that it was not passing any order on Patra’s submission and said Dr Chandra could raise his grievance before the National Company Law Tribunal (NCLT), where the insolvency proceedings are pending. Contests constitution of 5-member NCLT bench During the hearing, Patra also questioned the constitution of a 5-member NCLT bench to re-evaluate the repayment plan. He argued that Section 419(5) of the Companies Act, read with the Insolvency and Bankruptcy Code (IBC), does not empower the tribunal to form such a bench. “The scope of Section 419(5) is very limited. If there is a differing view, then that differing view has to be taken up by another member or other members. It does not empower the NCLT under the IBC or company law to form a five-member Bench,” Patra submitted. Also Read: NCLT case: Dr Subhash Chandra says 'claims not true and inaccurately represent facts' over reports of 'Rs 22,000 crore loan' He also disputed the lenders’ contention that the three NCLT members who considered the repayment plan had completely divergent opinions. Patra said that Judicial Members Ashok Kumar Bhardwaj and Nilesh Sharma had both favoured approval of the repayment plan and were aligned on the eligibility issue under Section 79 of the IBC, and differed only over the treatment of dissenting creditors. “Both are equally on the same page as far as Section 79 is concerned on eligibility. Therefore, to say all these issues have to be re-litigated is completely wrong,” Patra argued. Opposes lenders’ bid to withdraw appeals for now Solicitor General Tushar Mehta, appearing for the appellant-lenders, initially sought to withdraw the lenders’ appeals with liberty to revive them if necessary. He said the appeals might no longer require immediate consideration since the 5-member NCLT bench had stayed the August 25 opinion and decided to hear the case afresh. Also Read: NCLT case: Dr Subhash Chandra denies reports of Rs 22,000-crore loan, urges media to correct facts Patra opposed the withdrawal of appeals with liberty to revive. He pointed out that the lenders’ appeals were defective because no final order had crystallised out of the August 25 opinion. Following opposition from Dr Chandra’s counsel, Mehta decided not to press the withdrawal and requested that the appeals remain pending. The NCLAT agreed and listed them for October 7, 2026.

Appearing for Dr Chandra, Senior Advocate Sasmit Patra said the August 25 opinion approving the repayment plan had not crystallised into a final, enforceable NCLT order but led to a media trial that has tarnished Dr Chandra’s reputation across the country.

‘Unfair media trial without order’: Dr Subhash Chandra’s legal team opposes constitution of 5-member NCLT bench

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.&nbsp;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.&nbsp;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.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/nclt-case-dr-subhash-chandra-denies-reports-of-rs-22-000-crore-loan-urges-media-to-correct-facts-1787841820299">NCLT case: Dr Subhash Chandra denies reports of Rs 22,000-crore loan, urges media to correct facts</a>&nbsp;&nbsp;

<blockquote class="twitter-tweet">I have seen &amp; observed social media posts since past 3 days on the issue. Some of the posts also included hashtags like <a href="https://x.com/hashtag/PaiseVapasKaro?src=hash&amp;ref_src=twsrc%5Etfw">#PaiseVapasKaro</a>.There has been a wrong perception &amp; understanding about the matter. Hence,I am giving a detailed account of the entire matter. <a href="https://t.co/UbL5xXFq6L">pic.twitter.com/UbL5xXFq6L</a>&mdash; Subhash Chandra (@subhashchandra) <a href="https://x.com/subhashchandra/status/2094048435175608384?ref_src=twsrc%5Etfw">August 30, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;

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.

&nbsp;&nbsp;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.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/nclt-case-dr-subhash-chandra-says-claims-not-true-and-inaccurately-represent-facts-over-reports-of-rs-22-000-crore-loan-1787913325091">NCLT case: Dr Subhash Chandra says 'claims not true and inaccurately represent facts' over reports of 'Rs 22,000 crore loan'</a>&nbsp;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&nbsp;The statement came after posts circulated online, some carrying hashtags such as #PaiseVapasKaro and #PaisaWapasKaro.&nbsp;The statement added that other borrowings from foreign funds, domestic funds, NBFCs and corporates were also being settled or were backed by adequate assets.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Essel Group Chairman Dr. Subhash Chandra (<a href="https://x.com/subhashchandra?ref_src=twsrc%5Etfw">@subhashchandra</a>) announces 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<a href="https://x.com/hashtag/SubhashChandraLive?src=hash&amp;ref_src=twsrc%5Etfw">#SubhashChandraLive</a> <a href="https://x.com/hashtag/Askmeanything?src=hash&amp;ref_src=twsrc%5Etfw">#Askmeanything</a> <a href="https://x.com/hashtag/AskMeDirectly?src=hash&amp;ref_src=twsrc%5Etfw">#AskMeDirectly</a>… <a href="https://t.co/5k3IgtuW00">pic.twitter.com/5k3IgtuW00</a>&mdash; WION (@WIONews) <a href="https://x.com/WIONews/status/2093966232399782332?ref_src=twsrc%5Etfw">August 30, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

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.&nbsp;&nbsp;&nbsp;

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

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.

Borrowers will settle ₹4,262 crore after reconciliation: Dr Subhash Chandra

Essel Group Chairman Dr Subhash Chandra on Thursday disputed several figures and claims that have appeared in certain media reports over an NCLT loan-settlement order. He said in a statement that several reports suggesting that he had personally borrowed money or had guaranteed loans worth Rs 22,000 crore were incorrect, and urged media outlets to present the facts accurately.&nbsp;Dr Subhash Chandra in a statement said, “False rumours and a figure of ₹22,000 crore was circulated on Mukesh Ambani's network - CNBC TV18. Ambani tried to take over Zee. I also called him. When I did not receive a call back, I wrote him a letter. Mukesh ji, please do not engage in propaganda. Your father, Dhirubhai, was a sensible and composed person. I learned a lot from your father. I have nothing to lose but you have a lot to. Please stop your people from doing this. Ambani has a role in the fall of Zee’s shares. I have not asked the government for anything. A Congress MP took the lie forward. They also have to pursue their politics. Please don’t play this game. I would be happy to see you move forward, but please do not do this in India."&nbsp;Dr Chandra issued an official statement saying that he is issuing a press release in the interest of all stakeholders. “I have to state that certain vested media houses are spreading wrong information about my personal insolvency matter in NCLT. I urge all media platforms to publish the facts and to remove any misinformation that is incorrectly interpreted from the Court order.”&nbsp;&nbsp;A statement from his office said, "This clarification addresses certain allegations and misleading reports claiming that the companies which voted in favour of the repayment plan are associate entities. We would like to state that this claim is not true and inaccurately represents the facts. Some of the associate entities referenced in the reports, belonged to Shri Jawahar Goel, whose business interests were separated from Dr. Subhash Chandra in 2008-09 through a family business separation process. The separation process and subsequent division of the business was duly informed to the stock exchanges and the regulator. Further, the term ‘associate entity’ is well-defined in the Insolvency and Bankruptcy Code statutes. In accordance with the provisions of the Code, the companies concerned do not qualify as associate entities of the Group.”&nbsp;<h2>Watch the full video here</h2>

Dr Chandra said that he had not borrowed any money from any lender and was involved in the matter only in his capacity as a personal guarantor for borrowing entities associated with the Essel Group. He said that the total claims against him in the personal insolvency proceedings, filed by lenders objecting to the repayment plan, stood at Rs 3,992 crore, not Rs 22,000 crore as suggested in some reports.&nbsp;Besides, Rs 620 crore of the Rs 3,992 crore claims has already been settled, he said, adding that the borrowing entities have offered a further settlement of Rs 1,063 crore to the lenders concerned. Dr Chandra said that the borrowing entities for which he had provided personal guarantees had repaid nearly Rs 43,000 crore against total company dues of around Rs 45,000 crore as of January 24, 2019. The borrowing entities have assured that they will settle any remaining amount.&nbsp;He also rejected reports regarding his personal net worth, saying that the market capitalisation of Essel Group companies had been incorrectly treated as his individual wealth. Dr Subhash Chandra NCLT case: Why Rs 22,000 crore claim is not his debt “Certain vested media houses are spreading wrong information about my personal insolvency matter in NCLT,” he said. He said the amounts quoted in reports were taken from documents showing claims filed in the case.<h2>Rs 43,000 crore repaid by borrowing companies</h2>He said the companies for which he had given personal guarantees had total outstanding borrowings of around Rs 45,000 crore as of January 24, 2019. “Out of this, they have returned close to Rs.43000 crores since that day,” Dr Chandra said. Dr Chandra also referred to his declaration of assets made in Parliament in 2016, when he had declared total assets worth Rs 39.08 crore. He questioned how a bank could have accepted a personal net worth of Rs 45,888 crore in 2017 when his parliamentary declaration a year earlier had shown assets worth Rs 39.08 crore.

NCLT case: Dr Subhash Chandra says 'claims not true and inaccurately represent facts' over reports of 'Rs 22,000 crore loan'

Essel Group Chairman Dr Subhash Chandra on Thursday disputed several figures and claims that have appeared in certain media reports over an NCLT loan-settlement order. He said in a statement that several reports suggesting that he had personally borrowed money or had guaranteed loans worth Rs 22,000 crore were incorrect, and urged media outlets to present the facts accurately. Dr Subhash Chandra in a statement said, “False rumours and a figure of ₹22,000 crore was circulated on Mukesh Ambani's network - CNBC TV18. Ambani tried to take over Zee. I also called him. When I did not receive a call back, I wrote him a letter. Mukesh ji, please do not engage in propaganda. Your father, Dhirubhai, was a sensible and composed person. I learned a lot from your father. I have nothing to lose but you have a lot to. Please stop your people from doing this. Ambani has a role in the fall of Zee’s shares. I have not asked the government for anything. A Congress MP took the lie forward. They also have to pursue their politics. Please don’t play this game. I would be happy to see you move forward, but please do not do this in India." Dr Chandra issued an official statement saying that he is issuing a press release in the interest of all stakeholders. “I have to state that certain vested media houses are spreading wrong information about my personal insolvency matter in NCLT. I urge all media platforms to publish the facts and to remove any misinformation that is incorrectly interpreted from the Court order.” A statement from his office said, "This clarification addresses certain allegations and misleading reports claiming that the companies which voted in favour of the repayment plan are associate entities. We would like to state that this claim is not true and inaccurately represents the facts. Some of the associate entities referenced in the reports, belonged to Shri Jawahar Goel, whose business interests were separated from Dr. Subhash Chandra in 2008-09 through a family business separation process. The separation process and subsequent division of the business was duly informed to the stock exchanges and the regulator. Further, the term ‘associate entity’ is well-defined in the Insolvency and Bankruptcy Code statutes. In accordance with the provisions of the Code, the companies concerned do not qualify as associate entities of the Group.” Watch the full video here

Dr Chandra issued an official statement saying that he is issuing a press release in the interest of all stakeholders. &nbsp;He said in a statement that several reports suggesting that he had personally borrowed money or had guaranteed loans worth Rs 22,000 crore were incorrect

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‘Unfair media trial without order’: Dr Subhash Chandra’s legal team opposes constitution of 5-member NCLT bench

Borrowers will settle ₹4,262 crore after reconciliation: Dr Subhash Chandra

NCLT case: Dr Subhash Chandra says 'claims not true' of 'Rs 22,000 crore loan'