Dr Subhash Chandra has dismissed reports that he took a Rs 22,000-crore personal loanThe Essel Group Chairman said he had only given personal guarantees for corporate loans and had paid off the majority of the dues.
Published: August 28, 2026, 3:46 PM IST
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DrSubhash Chandra
Essel Group Chairman Dr Subhash Chandra has rejected media reports claiming he had a personal loan of Rs 22,000 croreAmid the ongoing National Company Law Tribunal (NCLT) proceedings, Chandra clarified that he did not borrow the money personally and had only acted as a corporate personal guarantorHe said he also sold his personal assets to meet the outstanding liabilities.
In his public statement, Dr Chandra has gone on to claim that media stories are baseless and that certain corporate circles have circulated false rumours against him to damage his reputation.
Dr Chandra’s clarification on the matter
The issue has largely arisen because personal borrowing and corporate guarantees have been treated as the same thingDr Chandra stressed that he did not borrow money but was only a corporate personal guarantor to different group companies.
He further stressed that the Essel Group had previously carried a debt of Rs 45,000 crore by January 2019, out of which Rs 43,000 crore has been settled so farRs 22,000 crore mentioned in media stories are old initial claims in 2022 rather than currently legally binding liabilities.
Financial facts of the case
Dr Chandra also clarified the financial details involved in the controversy, explaining the figures at the centre of the ongoing NCLT proceedings.
The total amount of personal guarantees currently outstanding stands at Rs 3,992 croreOut of this total amount of liability, Rs 620 crore has been settled, while a total settlement offer of Rs 1,063 crore has been made to creditorsSo the actual disputed amount has come down to Rs 2,000 crore.
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In the resolution professionals’ documents, it has been shown that 80.814 percent of creditors voted in favor of the plans.
Response to claims over net worth, personal allegations
The controversy also centres on claims by creditors that allegedly overstated Dr Chandra’s net worth in their filingsAccording to creditors, Dr Chandra’s net worth was Rs 45,888 crore in 2017 before dropping to Rs 31.79 crore in 2024Chandra, however, said his declared net worth in Parliament was Rs 39.08 crore when he served as an MP.
Dr Chandra further clarified that he has sold many personal assets at reduced rates to pay off creditors.
