Zee Group founder and Chairman Emeritus Subhash Chandra has spoken about his personal insolvency case and the controversy surrounding the repayment plan approved by the National Company Law Tribunal (NCLT).

According to an interview with Chandra published in The Economic Times and shared by Zee Entertainment in a LinkedIn post today, he said the widely reported figure of more than Rs 22,000 crore does not represent money that he personally borrowed from lenders.

The amount relates to claims against him as a personal guarantor for loans taken by companies associated with the Essel and Zee groups. Chandra said the claims cited by dissenting creditors against him amount to around Rs 3,992 crore, of which Rs 620 crore has already been settled.

Chandra said the companies for which he had provided personal guarantees have already repaid around Rs 43,000 crore to lenders and would continue to settle any remaining dues. He also said he does not personally have significant assets to meet the larger claims.

Defending the insolvency process, Chandra said the settlement does not prevent lenders from recovering dues from the main borrowing companies and their assets.

His comments come amid criticism from some lenders over the repayment plan approved by the NCLT, which provides for a payment of Rs 6.25 crore against admitted claims of Rs 22,006.57 crore. Some creditors have challenged the plan and raised concerns over the recovery amount and the voting process.

(Image is a file photo)