Not borrowed any money from any lender, I am only a personal guarator: Subhash Chandra
Zee Group founder Subhash Chandra has clarified that he is a personal guarantor rather than a borrower in ongoing insolvency proceedings. He stated that the total claim against him is significantly lower than the figures reported by creditors.
Why it matters
This clarification impacts the financial accountability and legal standing of high-profile corporate figures in Indian insolvency cases.
Zee Group founder Subhash Chandra in a statement has clarified that he has not borrowed any money from any lender and is only a personal guarantor. Total claim against him as a Personal Guarantor, in the personal insolvency proceedings is only ₹3,992 crore by the objectors (creditors who had rejected the plan) of the plan and not ₹22,000 crore [which is the total claim] out of which ₹21,696 crore was admitted by the Resolution Professional.
“Out of which [₹3,992 crore], also a claim of ₹620 crore [has been] settled and further ₹1,063 crore offered to be paid by the borrower entities,” the statement said.
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