Subhash Chandra To Take Up Job In Switzerland After Rs 22,006-Crore Debt Cut

Media baron Subhash Chandra has said that he plans to work with investment professionals in Switzerland and may even borrow money from his family to invest in start-ups, days after the National Company Law Tribunal (NCLT) approved a repayment plan under which creditors will receive only a fraction of the Rs 22,006.57 crore they had claimed from him.

"Today I'm talking in a very simple way. I am not talking about a person who has lost everything. The last Rs 6.5 crore I have left with will have to pay according to the plan. I have a small residential house, which I have given on rent, and I am running my expenses with that income. I have no regrets. I will earn again. I am a pioneer. I know how to do good and new things. I will continue to do so," Subhash Chandra said in a video statement.

As chairman of Essel Group, Subhash Chandra's business empire stretches from media to infrastructure to amusement parks. In his video statement, the 75-year-old businessman talked about his next professional move -- a job in Switzerland.

"Right now, I have a plan to work with my friends in Switzerland who do investment work. I will give you the details in the next 1-2 weeks. Might also take a loan of Rs 2-4 crore from family and invest it in some of our start-ups that can move forward," he said.

Under the approved repayment plan, approximately Rs 6.5 crore will be available for distribution against admitted creditor claims of about Rs 22,006.57 crore.

That amounts to a recovery of roughly 0.03 per cent of the admitted claims and a haircut of nearly 99.97 per cent for creditors.