Subhash Chandra, founder of Zee Group, has clarified that the insolvency case against him involves claims of ₹3,992 crore, not the reported ₹22,000 crore. He explained that he never borrowed personally but gave guarantees for group loans. Out of the total claims, ₹620 crore has already been settled, leaving ₹3,372 crore under dispute.
Chandra highlighted that Zee Group companies have repaid ₹43,000 crore since 2019 against borrowings of ₹45,000 crore. He said 80.814% of creditors approved his repayment plan, though the NCLT order is pending. He also disputed reports of his net worth, stating he declared ₹31.79 crore to the resolution professional compared to a lender’s claim of ₹45,888 crore.
The NCLT approved a plan under Section 114 of IBC, where creditors will receive ₹6.5 crore against admitted claims of ₹22,006 crore, amounting to a 99.97% haircut. Chandra said his assets include a ₹25 crore residence and pledged to repay using available personal assets. He reiterated his commitment to repay every creditor, stressing that he will do his best to honour all obligations.
This clarification aims to correct misreporting and assure lenders of his intent to resolve disputes fairly.
