Subhash Chandra To Take Up Job In Switzerland After Rs 22,006-Crore Debt Cut
Media baron Subhash Chandra plans to pursue new business ventures in Switzerland after an NCLT-approved debt resolution plan resulted in a 99.97% haircut for his creditors. Chandra expressed his intent to invest in startups despite the significant financial loss.
Why it matters
The case highlights the extreme outcomes of corporate insolvency proceedings and the resilience of high-profile entrepreneurs in the face of massive debt.
Media baron Subhash Chandra has said that he plans to work with investment professionals in Switzerland and may even borrow money from his family to invest in start-ups, days after the National Company Law Tribunal (NCLT) approved a repayment plan under which creditors will receive only a fraction of the Rs 22,006.57 crore they had claimed from him."Today I'm talking in a very simple way. I am not talking about a person who has lost everything. The last Rs 6.5 crore I have left with will have to pay according to the plan. I have a small residential house, which I have given on rent, and I am running my expenses with that income. I have no regrets. I will earn again. I am a pioneer. I know how to do good and new things.
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