Subhash Chandra says ₹6.5 crore is all he has

Subhash Chandra, founder of Zee, has revealed that he has a remaining sum of Rs 6.5 crore and is currently meeting his expenses through rental income from a partially leased residential property. The news comes amid a legal dispute over a highly publicized 99.97% reduction in creditor claims against him. During a Friday interview, Chandra expressed no regrets about his financial situation and stated that he would have to repay the remaining Rs 6.5 crore as part of a repayment plan.

The plan involves paying Rs 6.25 crore to creditors and Rs 25 lakh for insolvency process costs against admitted claims of Rs 22,006.57 crore, translating to a 99.97% reduction in the claimed amount. However, the figure is being scrutinized as it does not imply a direct loss of Rs 22,006 crore on the loans taken by Chandra. The underlying corporate borrowers remain liable, and creditors have the right to recover dues from those companies and their assets.

Chandra also disputes the large claim of Rs 22,000 crore, maintaining that he was only a personal guarantor for Rs 3,992 crore, over half of which has already been settled, and the rest is either offered or assured to be settled by the borrowing entities. Despite facing opposition from dissenting creditors, the National Company Law Tribunal approved the repayment plan after a third member, Nilesh Sharma, ruled in favor of it.

The Reliance Group, whose media entities are associated with Chandra, has rejected Chandra's remarks as "baseless" and denied any allegations against their media entities.