Essel Group founder Subhash Chandra has disputed the roughly Rs 3,900 crore exposure cited in insolvency proceedings, saying his conglomerate borrowed about Rs 45,000 crore and repaid approximately Rs 43,000 crore. Chandra said the claims relate to personal guarantees he gave for corporate borrowings, rather than money he personally borrowed, and argued that some lenders claimed amounts after receiving repayment or without invoking guarantees. The National Company Law Tribunal approved a plan requiring him to pay about Rs 6.5 crore against admitted claims of Rs 22,006.57 crore, implying recovery of approximately 0.03% and a haircut of about 99.97%. HDFC Bank and LIC Housing Finance have indicated they will challenge the decision before the National Company Law Appellate Tribunal, while other lenders have also objected to related-party voting and the absence of a forensic investigation. Chandra disputes lender estimates that once placed his personal net worth at more than Rs 40,000 crore, citing a declared net worth of about Rs 39.7 crore in 2016 and assets of Rs 31.79 crore in 2024. He said around Rs 620 crore in claims had been settled and that Essel borrowing entities still had an offer of approximately Rs 1,100 crore for lenders. The matter remains pending until the tribunal’s opinion is converted into a formal order.