Essel Group Chairman Dr Subhash Chandra addressed questions about his personal insolvency case and the Rs 22,000 crore claims and guarantees controversy during an Instagram Live session today. According to a Zee News report today, he said he had not personally borrowed any money.

He clarified that he had acted as a guarantor for loans taken by various other companies.According to the Zee News report, Chandra said he had provided guarantees for around 18 to 20 companies that were directly or indirectly linked to the Essel Group.

He explained that these companies had taken the loans for business expansion and that the funds were not used for his personal benefit.During the session, Chandra also explained the difference between a borrower and a guarantor.

He said the companies were the actual borrowers, while he had only guaranteed that the loans would be repaid. He added that discussions had taken place with the actual borrowers and the remaining dues would be paid back.

On his personal wealth, Chandra said he had declared assets worth around Rs 39 crore in his affidavit to the Election Commission.

He said his current total assets stand at around Rs 31 crore. He also admitted that giving personal guarantees was one of the biggest mistakes of his career and led to his current situation.

Chandra further said that banks had not waived the loans and that the outstanding amounts would be repaid.

He also revealed plans to launch a new startup with some friends and business partners, saying he would move ahead with the venture while following all legal requirements.

(The image used is a screen-grab from an old video)