Subhash Chandra outlines professional plans following NCLT personal insolvency settlement

Zee Group founder Subhash Chandra has said he plans to take up a professional role with investment firms in Switzerland, days after the National Company Law Tribunal (NCLT) approved a repayment plan in his personal insolvency case under which creditors will recover only a fraction of the Rs 22,006.57 crore they had claimed.

In a video statement posted on Thursday, the 75-year-old businessman said he was left with Rs 6.5 crore after the settlement, which he said will go toward the approved repayment plan. "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. I will continue to do so," Chandra said in the video.

Detailing his next professional move, Chandra said he intends to work with investment professionals based in Switzerland. "Right now, I have a plan to work with my friends in Switzerland who do investment work. I will give you the details in the next 1-2 weeks. Might also take a loan of Rs 2-4 crore from the family and invest it in some of our start-ups that can move forward," he said in the statement.

The NCLT's approval of the repayment plan means approximately Rs 6.5 crore will be distributed against admitted creditor claims of about Rs 22,006.57 crore, a recovery of roughly 0.03 per cent for lenders, or a haircut of nearly 99.97 per cent.

The insolvency proceedings against Chandra stem from a personal guarantee he had given for a loan taken by Vivek Infracon from Indiabulls Housing Finance, later renamed Sammaan Capital. When that loan went into default, creditors moved against Chandra in his capacity as guarantor rather than as a direct borrower.

The NCLT admitted personal insolvency proceedings against him in April 2024, months after the Supreme Court upheld the relevant provisions of the Insolvency and Bankruptcy Code (IBC) in November 2023.

As chairman of Essel Group, Chandra's business interests span media, infrastructure and amusement parks. Several lenders, including HDFC Bank and LIC Housing Finance, have expressed opposition to the settlement plan and are said to be considering an appeal.