The loan dispute related to Essel Group promoter Subhash Chandra has taken a major turn. In case of loan taken from LIC Housing Finance Limited, the companies associated with the group have offered to pay the entire outstanding amount. The debtor companies have submitted a settlement proposal, under which it is said that 100 percent of the principal amount will be returned with 10 percent interest. This step has been taken at a time when there was a lot of discussion in the market regarding this whole matter.

Four companies sent settlement proposals

According to an IANS news report, only those companies that had taken loans from LIC Housing Finance have officially submitted the settlement proposal. The most important thing about this proposal is that companies are not asking for any kind of discount or deduction. They are ready to refund every penny of the original amount. Along with this, they are also willing to pay interest at the rate of 10 percent. After this proposal, the ball is now in LIC Housing Finance’s court as to how it accepts this settlement.

980 crore loan is given 10 percent interest

The whole matter involves four big companies, who had taken loans from LIC Housing Finance at different times. These include Vasant Sagar Properties Ltd and Pan India Infraprojects Pvt Ltd, who invested Rs. 500 crore loan was taken. Apart from this, Digital Subscriber Management and Consultancy Services Private Limited and Spirit Infrapower Project took a loan of Rs 480 crore. The total debt of these four companies is around Rs. 980 crores. Now these four companies have come forward with a proposal to pay 10 percent additional interest along with their entire principal amount. Subhash Chandra played the role of personal guarantor in all these loans.

Subhash Chandra’s response to the claim of 22 thousand crores

Subhash Chandra has also clarified his position on the ongoing news regarding debt and bankruptcy proceedings. He completely denied media reports which said that he had paid Rs. 22,000 crore loan in NCLT has a big haircut of 99.97 percent. Subhash Chandra clarified that he had not personally borrowed any money from the lenders. He became a personal guarantor only for the wider Essel Group of companies. Therefore, it is completely wrong to treat this entire amount as his personal outstanding loan.

Actual math of dues in NCLT process

Subhash Chandra issued a statement to present the reality of the figures. He said that Rs. 22,006 crore figure is actually the total claims filed in the NCLT proceedings, which does not reflect the current situation. Out of these claims, the resolution professional has recovered Rs. 21,696 crore claims were accepted. However, the claims of creditors objecting to the repayment plan are only Rs. 3,992 crores. Out of this Rs. 620 crore claims have already been settled. Now only the matter of 3,372 crores is left.