Zee Group founder Subhash Chandra has clarified the outstanding dues claimed by lenders in his personal insolvency case, saying that the HDFC Group has made claims against him without a valid personal guarantee.
Chandra issued the statement on Sunday following social media posts using hashtags such as #PaiseVapasKaro. He said the campaign was based on what he described as an incorrect understanding of the matter.
₹4,262 Crore in Outstanding Claims
According to Chandra’s latest statement, the total outstanding dues claimed by lenders stand at ₹4,262 crore.
His office said the figure is different from the previously stated ₹3,992 crore because some accounts were not included earlier as the lenders concerned had neither voted for nor against the repayment plan.
Chandra said he has discussed the outstanding amounts with borrowers and received an assurance that the ₹4,262 crore would be settled after the accounts are reconciled with lenders.
HDFC Group Claims ₹775 Crore
Chandra’s statement referred to four of HDFC Group’s five accounts, with outstanding dues of around ₹775 crore.
The statement described these claims as being made without a valid personal guarantee. It did not provide details about the fifth account.
HDFC is among the lenders considering an appeal before the National Company Law Appellate Tribunal against the National Company Law Tribunal order that approved Chandra’s revised repayment plan.
LIC Housing Finance Claims ₹1,322 Crore
The statement also listed outstanding dues of around ₹1,322 crore across several LIC Housing Finance accounts.
Chandra said he had offered to settle these dues and noted that part of the security was available.
LIC Housing Finance has also moved against the NCLT decision, along with Canara Bank and Union Bank.
Canara Bank’s outstanding amount was listed at ₹348 crore, while Union Bank’s dues were stated at ₹164 crore.
NCLT Repayment Plan
The NCLT-approved plan allows Chandra to repay ₹6.5 crore against admitted claims exceeding ₹22,000 crore.
Chandra said the ₹6.5 crore amount represents the value of the personal guarantees he had signed.
The repayment plan has faced objections from several lenders, with some seeking further legal review.
Chandra Seeks Reconciliation With Lenders
Chandra’s office said he hopes lenders will work with borrowers to reconcile the outstanding accounts and recover the amounts due.
The statement also said Chandra hopes the clarification will address concerns raised by people supporting the #PaiseVapasKaro campaign and others commenting on the issue on social media.
