Essel Group Chairman Dr Subhash Chandra has addressed the misinformed social media hashtag #PaisaWapasKaro over reports of personal insolvency claims of around Rs 22,000 crore. Giving the full details of financial accounts, Dr Chandra hopes that the lenders will also discuss with the borrowers, reconcile the accounts outstanding and get paid by the borrowers.
“I have seen and observed social media posts since past three days on the above issue. Some of the posts also included hashtags like #PaiseVapasKaro. There has been a wrong perception and understanding about the matter,” Essel Group Chairman Dr Subhash Chandra said in the statement.
In an official statement released on August 30, 2026, Dr. Chandra gave a detailed account explaining that a total of Rs 22,000 crore in personal guarantees were signed at the time of borrowing of funds by the borrowers, while Rs 4,800 crore in guarantees were signed after the default occurred. “…though I am not complaining, as I own the signatures,” he added.
“The borrowing entities are multiple in numbers, even in the case of many lenders. Which means lenders might have lent money to 2, 3 or 4 entities which were guaranteed repayment by Dr. Subhash Chandra,” the statement reads.
Highlighting the amount disbursed and repaid by the borrowers, Dr Chandra said, “As can be seen from the above table as part of the total amount of Rs. 4808 Crores disbursed, the borrowers paid Rs. 3803 Crores, leaving a balance of only Rs. 998 Crores.”
He added, “Against a payable amount of Rs. 998 Crores, claims filed were Rs. 5311 Crores. Afterwards reducing the settled/paid claims of Rs. 1049 Crores. Remaining Rs. 4262 Crores.”
Dr Chandra also addressed the difference between the figures cited in earlier press statements, saying, “Amounts differ from the Press Statement given earlier of Rs.3992 Crores and Rs. 4262 Crores because some accounts were not taken as they neither voted for or against.”
On the remaining claims, he said, “Dr. Subhash Chandra has discussed with all borrowers, and they have assured to settle this Rs. 4262 Crores after reconciliation with lenders, settle and pay the balance.”
The latest clarification comes against the backdrop of an earlier statement by Dr Chandra on the National Company Law Tribunal (NCLT) proceedings, directly addressing Reliance Industries Chairman Mukesh Ambani and his media network, Network18. He said that he had personally reached out to the Reliance Industries Chairman for what he described as inaccurate reporting about the NCLT proceedings by Network 18. The Essel Group founder said he had already liquidated his personal and group assets to meet liabilities and therefore has “nothing left to lose”, contrasting his position with that of large corporate groups that have significant business interests and reputations at stake.
The Essel Group Chairman reiterated that when the group encountered financial stress in January 2019, its liabilities stood at approximately Rs 45,000 crore. Of this amount, around Rs 43,000 crore has since been repaid.
Dr Chandra said he had nothing left to lose after the repayment process, but would continue to defend himself and the Essel Group if the alleged misinformation campaign persisted.
He concluded the statement saying “He also hopes that people who supported #PaisaWapasKaro and others giving their comments on social media will be satisfied with this.”
