Indiabulls Housing Finance has moved the National Company Law Tribunal (NCLT) against media baron Subhash Chandra claiming he had personally guaranteed payment for loans given to companies that were co-borrowers with Essel group firms.
It has claimed that Chandra provided a guarantee for a loan to Gnex Projects that obtained a Rs 190 crore loan from Indiabulls Housing Finance in September 2020 along with Essel Home, which was the co-borrower.
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As these loans have turned non-performing, Indiabulls Housing Finance has sought initiation of personal insolvency proceedings against Chandra to recover the loans. It has also filed insolvency proceedings against Essel Home at NCLT.
“Disputes with Indiabulls have been continuing since the year 2019. However, settlement is under advanced stages of discussion. We do not comment on the matters which are currently sub-judice,” said a statement from Subhash Chandra’s office. Chandra is the promoter of Zee and the Essel Group.
Chandra’s companies are locked in litigation on multiple fronts. Indusind Bank has initiated insolvency proceedings against Zee Entertainment Enterprises Limited claiming the company has defaulted on around Rs 80 crore of dues. Indiabulls Housing Finance has also moved the Delhi High Court in a case involving Gnex Projects where it has made Zee Entertainment a party to the proceedings.
