Subhash Chandra says borrowers repaid Rs 3,803 crore of Rs 4,808 crore

MUMBAI: The numbers in Subhash Chandra’s insolvency case are getting a fresh recalculation. In a statement dated August 30, 2026, the office of Dr. Subhash Chandra has sought to clarify the figures surrounding his personal insolvency proceedings, saying he personally borrowed Rs 0, while borrowers have already repaid Rs 3,803 crore out of Rs 4,808 crore disbursed by lenders covered in the statement.

Chandra said he had signed personal guarantees totalling Rs 22,000 crore, but stressed that these were guarantees for borrowings by other entities rather than money borrowed by him personally. Of the Rs 22,000 crore in guarantees, Rs 4,800 crore were signed after defaults had already occurred, according to the statement.

The statement comes after Chandra said social media posts over the previous three days, including posts using the hashtag #PaiseVapasKaro, had created what he described as a wrong perception of the matter. He said the detailed account was intended to clarify the position.

According to the lender-wise table in the statement, the entities covered had received Rs 4,808 crore in total, against which Rs 3,803 crore had been repaid. This left a balance of Rs 998 crore, the statement said.

However, claims filed against the personal guarantor totalled Rs 5,311 crore. After Rs 1,049 crore in claims were settled or paid, the remaining claims stood at Rs 4,262 crore. Chandra’s office noted that this figure differs from the Rs 3,992 crore cited in an earlier press statement because some accounts were not included as they had neither voted for nor against the resolution plan.

The lender-wise figures show varying positions. India Bulls Housing Finance had disbursed Rs 726 crore and received Rs 771 crore, while its claim against the personal guarantor was Rs 429 crore, which the statement says was settled after the insolvency proceedings began.

For the Axis Bank Group, the corresponding figures were Rs 388 crore disbursed, Rs 157 crore repaid, Rs 231 crore outstanding and Rs 620 crore claimed.

The statement lists HDFC Group at Rs 1,025 crore disbursed and Rs 1,275 crore repaid, with a claimed amount of Rs 775 crore. It says these claims were without a valid personal guarantee.

Canara Bank had disbursed Rs 315 crore, against Rs 202 crore repaid and Rs 112 crore outstanding, with a claim of Rs 348 crore.

Edelweiss had disbursed Rs 300 crore, of which Rs 232 crore was repaid, leaving Rs 68 crore outstanding against a claim of Rs 565 crore. The statement says more than Rs 500 crore in security was available at the time of default and that the matter is also pending before the DRT.

Franklin Templeton had disbursed Rs 425 crore, with Rs 235 crore repaid and Rs 190 crore outstanding, while the claim stood at Rs 729 crore. IndusInd Bank had disbursed Rs 500 crore and received Rs 493 crore, leaving Rs 7 crore outstanding against a Rs 240 crore claim.

LIC Housing Finance had disbursed Rs 980 crore, with Rs 416 crore repaid and Rs 564 crore outstanding, against a claim of Rs 1,322 crore. RBL Bank had disbursed Rs 65 crore, received Rs 10 crore and had Rs 54 crore outstanding against a Rs 119 crore claim, while Union Bank had disbursed Rs 84 crore, received Rs 12 crore and had Rs 71 crore outstanding against a Rs 164 crore claim.

The statement said the repayment plan prepared by the Resolution Professional considered Chandra’s available assets and funds. It referred to assets worth Rs 39.08 crore declared in Parliament in 2016, which had subsequently reduced to Rs 31.79 crore, including a residential house valued at Rs 25 crore that was also mortgaged. This left liquid assets of Rs 6.79 crore, according to the statement.

Chandra’s office said he had discussed the outstanding Rs 4,262 crore with the borrowers, who had assured him that the amount would be settled after reconciliation with lenders.

The statement also pointed to borrowing from other sources, including foreign funds, domestic funds, NBFCs and corporates, saying most of these borrowings were either settled by the borrowers or were backed by adequate assets or were in the process of being paid.

Chandra’s office said it hoped lenders would reconcile their accounts with the borrowers and recover the outstanding amounts from them, adding that this would also clarify the position for people who had supported #PaisaWapasKaro on social media.