Dr. Subhash Chandra has issued a detailed clarification on the current issue surrounding personal guarantees linked to his insolvency proceedings. The clarification comes after social media posts, including those using the hashtag #PaiseWapasKaro

According to a LinkedIn post by Dr. Subhash Chandra, he said there has been a wrong perception and understanding of the matter and shared a detailed account of the case.

Chandra clarified that his personal borrowing is Rs 0, while he had signed personal guarantees of around Rs 22,000 crore for different borrowing entities.

According to his statement, around Rs 4,800 crore of the guarantees were signed when the borrowers took the funds, while the remaining guarantees were signed later.

The statement gives details of claims made by lenders in the personal insolvency proceedings. The total claims mentioned are around Rs 5,311 crore . Of this, around Rs 1,049 crore has been settled or paid, while approximately Rs 4,262 crore remains to be resolved.

Chandra said he has discussed the matter with all the borrowers. According to him, the borrowers have agreed to reconcile the accounts with the lenders, settle the claims and make the remaining payments.

The statement also mentions that the borrowing entities had raised funds from foreign funds, domestic funds, NBFCs and corporates. Chandra said most of these borrowings have either been settled, are being settled, or have adequate assets against them.

He also provided details of his assets and funds. According to the statement, assets and funds declared in 2016 were worth Rs 39.08 crore, which had reduced to Rs 31.79 crore. This included a residential property valued at around  Rs 25 crore and liquid assets of approximately Rs 6.79 crore.

Chandra said he hopes lenders will discuss the matter with the borrowers, reconcile the accounts and recover the outstanding amounts. He also expressed hope that those who supported #PaiseWapasKaro and commented on the issue on social media would be satisfied with his classified.