Sold house, personal assets, now living on rental income: Zee founder Subhash Chandra reveals his finances
Zee founder Subhash Chandra has revealed he sold his family home and assets to repay creditors following an NCLT-approved plan. He is currently living on rental income and plans to rebuild his business ventures.
Why it matters
It provides insight into the financial fallout of a major corporate insolvency case and the personal impact on high-profile business leaders.
Troubled Zee and Essel Group founder Subhash Chandra has claimed that he sold family assets, including their house to repay loans, and has “the last ₹6.5 crore left”, which he will use to repay creditors according to the NCLT's approved repayment plan.He added that he has rented out a “small residential property” and running expenses with that income. The National Company Law Tribunal's (NCLT) on 25 August approved Chandra's repayment plan — ₹6.25 crore to be paid to creditors and ₹25 lakh towards insolvency-process costs, against admitted claims of around ₹22,006.57 crore.“We sold our family's assets, we sold our assets, we almost sold (the) Company Zee, we did not keep anything, we even sold our house, but we paid everyone's money,” he stated in a video message, according to India Today.‘Running my expenses with rent income’, claims ChandraThe Economic Times quoted him saying that he is now living on rental…
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