Subhash Chandra says borrowers assure settlement of Rs 4,262 crore

Essel Group founder Subhash Chandra announced on Sunday that borrowers with his personal guarantees had assured him they would reconcile their accounts and settle a balance of Rs 4,262 crore. Out of the total Rs 4,808 crore disbursed, borrowers had paid Rs 3,803 crore, leaving a balance of Rs 998 crore. Of the outstanding amount, HDFC Bank has Rs 775 crore, Canara Bank has Rs 348 crore, LIC Housing has Rs 1,322 crore, Union Bank has Rs 164 crore, RBL Bank has Rs 119 crore, and Edelweiss has Rs 565 crore.

Franklin Templeton has Rs 729 crore outstanding. Total personal guarantees signed by Chandra with lenders were Rs 22,000 crore. The NCLT order approved the repayment plan after the majority of creditors supported it.