‘I’ll Earn Again’: Subhash Chandra Plans Switzerland Career After Repaying Debt

Essel Group chairman Subhash Chandra has reportedly defended his personal insolvency proceedings, saying the group has repaid around ₹43,000 crore of its nearly ₹45,000 crore liabilities following the financial crisis that emerged in 2019.

In a video message, Chandra reportedly said he and his family sold personal assets, including their house, to help meet the group's financial obligations. He also disputed reports portraying ₹22,000 crore as money personally borrowed by him, saying the figure relates to claims arising from personal guarantees he had provided for loans taken by companies linked to the Essel Group.

His remarks came days after the National Company Law Tribunal (NCLT) reportedly approved a resolution plan under which Chandra would pay around ₹6.5 crore against admitted claims of approximately ₹22,006 crore. The proposal has reportedly faced criticism from lenders, as the recovery would amount to only around 0.03 per cent of the admitted claims.

‘We sold our house, but paid everyone’s money’

Chandra reportedly said the group's financial crisis surfaced on January 24, 2019, because of an asset-liability mismatch. He said he had acknowledged his mistakes at the time and subsequently worked towards repaying the financial system.

According to him, around ₹2,000 crore in liabilities remain, linked to companies where asset-liability mismatches have delayed repayments.

Chandra reportedly said his current financial position is far removed from the wealth associated with him during the peak of his business career. He claimed to have around ₹6.5 crore and a small residential property, part of which is rented out to meet his expenses.

Chandra seeks independent audit

Chandra reportedly urged the banking system and Finance Ministry to appoint an independent auditor to examine the group's financial records and determine how much was borrowed and subsequently repaid.

He also rejected reports that he personally had a net worth of around ₹45,000 crore, saying the figure was based on the valuation or market capitalisation of group companies rather than his personal assets.

His office has reportedly said his total assets stood at ₹31.79 crore in 2024, including a residential property valued at around ₹25 crore.

‘I will earn again’

Despite the collapse of much of his business empire, Chandra reportedly said he plans to rebuild his career.

He said he is considering working with a friend involved in investments in Switzerland and may borrow ₹2-4 crore from family members to invest in startups and other ventures.

“I will earn again,” Chandra reportedly said, adding that he intends to start afresh.

His personal insolvency proceedings have reportedly been pending since 2022. The NCLT-approved plan addresses his liabilities as a personal guarantor but does not extinguish the underlying obligations of the borrowing companies.