Subhash Chandra, founder of Essel Group and Zee, revealed that he sold his family house and personal assets to repay debts. He disclosed that he now lives on rental income from a small residential property. The National Company Law Tribunal approved his plan to pay ₹6.25 crore to creditors and ₹25 lakh for insolvency costs against admitted claims of ₹22,006 crore.
Chandra clarified that actual claims against him are ₹3,992 crore, as they arise from personal guarantees for group borrowings. He said his family sacrificed assets but ensured repayment. He expressed confidence in rebuilding wealth through new ventures and investments with a Swiss partner. He may borrow ₹2–4 crore from family to fund startups.
Major lenders including Canara Bank, Union Bank of India and LIC Housing Finance plan to challenge the tribunal’s order before NCLAT, arguing that the settlement terms are unfair. The case highlights a massive haircut of 99.97% for creditors, sparking legal disputes.
Chandra stated that he has no regrets, saying he will earn again and continue as a pioneer. His reliance on rental income marks a financial reset while his optimism reflects determination to re-enter business through investments and entrepreneurial ventures.
