Subhash Chandra Says ₹4,262 Cr Lender Claims Remain, Here’s The Breakdown

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 remaining ₹4,262 crore, according to a statement from his office.

The statement said ₹4,808 crore had been disbursed to borrowers, of which ₹3,803 crore had been paid. It said the balance payable was ₹998 crore, while claims filed by lenders stood at ₹5,311 crore. After adjusting settled or paid claims of ₹1,049 crore, the remaining claims came to ₹4,262 crore.

Lender-Wise Breakdown Of Claims

According to Chandra’s office, HDFC Bank has four to five accounts with an outstanding amount of ₹775 crore. The statement said these claims do not have a valid personal guarantee. Canara Bank has an outstanding amount of ₹348 crore, linked to borrowing against the borrower’s assets in the US.

LIC Housing Finance has an outstanding amount of ₹1,322 crore, which has been offered for settlement, with part security available, the statement said. Union Bank has ₹164 crore outstanding, against which security is available. RBL Bank has an outstanding amount of ₹119 crore, with the statement saying the borrower had offered to make the payment but the lender did not accept the proposal.

IndusInd Bank has an outstanding amount of ₹240 crore. Chandra’s office said adequate security was available during the default period but was not converted into cash. Edelweiss has ₹565 crore outstanding, with the statement saying more than ₹500 crore in security was available when the default occurred. The matter is also pending before the Debt Recovery Tribunal (DRT).

Personal Guarantees Worth ₹22,000 Crore

Franklin Templeton has an outstanding amount of ₹729 crore, according to the statement. It said the borrower had offered to sell available security during the default period, but the lender chose not to sell it.

Chandra had signed personal guarantees worth around ₹22,000 crore with lenders, the statement said. The development comes after the National Company Law Tribunal (NCLT) approved his proposal to pay ₹6.25 crore to creditors in his personal insolvency proceedings, following support from the majority of creditors.

The statement said the ₹4,262 crore figure is higher than the previously cited ₹3,992 crore because some accounts had not been taken into consideration as they neither voted for nor against the repayment plan. It added that borrowings from foreign funds, domestic lenders, NBFCs and corporates were either being settled or backed by adequate assets.