Zee Group founder Subhash Chandra has been at the centre of a long-running insolvency battle over debts he had personally guaranteed for.
The case began after Indiabulls Housing Finance approached the NCLT in 2022 to initiate insolvency proceedings against Chandra as a personal guarantor. After a Supreme Court stay, the proceedings resumed in 2024, with a Resolution Professional appointed to examine creditors’ claims, Chandra’s finances and his assets. The NCLT’s final order recorded admitted claims of roughly Rs 22,000 crore. Yet the repayment plan approved by the tribunal provided creditors just Rs 6.25 crore.
