Borrowers have assured to settle ₹4,262 crore dues: Dr Subhash Chandra

In a statement issued on August 30, Chandra sought to clarify what he described as a “wrong perception and understanding” surrounding the NCLT settlement order in his personal insolvency matter

by e4m Staff
Published: Aug 30, 2026 5:54 PM | 2 min read

Dr. Subhash Chandra, founder of Essel Group, announced that borrowers who took loans against his personal guarantees have committed to settling outstanding dues of ₹4,262 crore after reconciling accounts with lenders.
Chandra clarified misconceptions regarding the National Company Law Tribunal (NCLT) settlement order in his personal insolvency case, stating he did not personally borrow money but signed guarantees totaling ₹22,000 crore.
Of the ₹4,800 crore in guarantees issued, borrowers repaid ₹3,803 crore, leaving a balance of ₹998 crore, while claims filed against this amount totaled ₹5,311 crore.
Chandra expressed hope that lenders will engage with borrowers to reconcile accounts and that supporters of the #PaisaWapasKaro campaign will find satisfaction in the resolution process.

Essel Group founder Dr Subhash Chandra has said borrowers who had taken loans against his personal guarantees have assured him that they will settle outstanding dues of ₹4,262 crore after reconciling their accounts with lenders.

In a statement issued on August 30, Chandra sought to clarify what he described as a “wrong perception and understanding” surrounding the National Company Law Tribunal (NCLT) settlement order in his personal insolvency matter.

In the statement, Chandra said he had not borrowed any money personally, but had signed personal guarantees amounting to ₹22,000 crore. Of this, ₹4,800 crore in guarantees were signed at the time the borrowers raised the funds, while guarantees for the remaining ₹17,200 crore were signed after defaults had occurred, according to the statement.

The statement said made three prominent points:

As part of the total amount of Rs. 4808 Crores disbursed, the borrowers paid Rs. 3803 Crores, leaving a balance of only Rs. 998 Crores.
Against a payable amount of Rs. 998 Crores, claims filed were Rs. 5311 Crores. Afterwards reducing the settled/paid claims of Rs. 1049 Crores. Remaining Rs. 4262 Crores. (Amounts differ from the Press Statement given earlier of Rs.3992 Crores and Rs. 4262 Crores because some accounts were not taken as they neither voted for or against).
Dr. Subhash Chandra has discussed with all borrowers, and they have assured to settle this Rs. 4262 Crores after reconciliation with lenders, settle and pay the balance.

In the statement, Dr. Subhash Chandra states that he hopes that the lenders also discuss with the borrowers, reconcile the accounts outstanding and get paid by the borrowers.

He also hopes that people who supported #PaisaWapasKaro and others giving their comments on social media will be satisfied with this.