Subhash Chandra Targets Swiss Startups Post-Debt Resolution

Media baron Subhash Chandra is reportedly embarking on a new professional venture, setting his sights on Switzerland to collaborate with investment professionals. This strategic move comes swiftly after the National Company Law Tribunal (NCLT) recently approved a significant debt resolution plan for his creditors.

Chandra has indicated his intention to personally engage in the startup ecosystem, potentially borrowing between Rs 2-4 crore from his family. These funds are earmarked specifically for investments in promising new start-ups, signaling his renewed focus on entrepreneurial pursuits.

The Resolution’s Financial Landscape

• The NCLT-approved plan mandates Subhash Chandra to pay Rs 6.5 crore.
• This payment is set to resolve admitted creditor claims that collectively amounted to approximately Rs 22,006.57 crore.
• Lenders faced an unprecedented haircut of nearly 99.97% on their dues.
• The effective recovery rate for these creditors stands at a mere 0.03%.

Despite the drastic terms of the resolution, the 75-year-old Essel Group chairman conveyed a resolute stance in a recent video statement. He expressed no regrets about the financial restructuring, emphasizing his pioneering spirit and determination to rebuild.

Chandra affirmed his commitment to undertaking new and innovative ventures, leveraging his extensive background across media, infrastructure, and amusement parks. His pivot towards international investment collaboration, particularly in Switzerland, marks a notable shift in his professional trajectory after the substantial debt settlement.