Media entrepreneur Subhash Chandra is planning a fresh professional venture after the National Company Law Tribunal (NCLT) approved a repayment plan in his personal insolvency proceedings.
According to an NDTV report, Chandra is exploring investments in startups and may collaborate with investment professionals based in Switzerland.
Chandra said he is in discussions with friends in Switzerland who are involved in investment activities and expects to provide more details within the next one to two weeks.
He is also considering borrowing around Rs 2-4 crore from family members to invest in startups that he believes have strong growth potential.
NCLT Plan Leaves Creditors With Minimal Recovery
The plans come days after the insolvency tribunal approved Chandra’s repayment proposal. Under the resolution plan, around Rs 6.5 crore will be distributed against admitted creditor claims of approximately Rs 22,006.57 crore.
This represents a recovery of only about 0.03%, effectively resulting in a haircut of nearly 99.97% for creditors.
In a video statement, the 75-year-old Essel Group chairman said the Rs 6.5 crore represents the remaining amount he has available under the approved plan. He added that he owns a small residential property, which has been rented out and currently helps meet his living expenses.
Chandra Looks to Build Again
Despite the financial setbacks, Chandra indicated that he intends to return to business and pursue new opportunities.
He described himself as a pioneer and said he remains confident in his ability to identify and develop new ideas.
His proposed startup investments would mark a significant shift from his earlier business interests, which have included media, infrastructure and amusement parks.
The Essel Group founder has faced significant financial challenges in recent years as businesses associated with the group struggled with debt and other obligations. The NCLT-approved repayment plan now provides a framework for resolving his personal insolvency claims, while Chandra appears to be looking ahead to his next phase in business.
