Zee media group founder Subhash Chandra hinted at plans to go to Switzerland following the NCLT approving a ₹6.5 crore payment plan to settle his credit. In a video statement, the 75-year-old media baron broke his silence on the insolvency case and mentioned his plans to continue investing with a friend in Switzerland.
The NCLT on Tuesday approved a ₹6.5 crore payout from Chandra to settle around ₹22,006 crore in credit. With a haircut of approximately 99.97 per cent or ₹22,000 crore, the tribunal’s order drew strong reactions from some lenders.
However, Chandra mentioned a new sum and claimed that his company already repaid about ₹43,000 crore of the total ₹45,000 crore owed.
"We sold our family's assets, we sold our assets, we almost sold Company Z, we did not keep anything, we even rented our house, but we paid everyone's money," he said, adding that some properties still needed to be sold to meet the obligations.
The case was further amplified as creditors pointed out irregularities in Chandra’s present net worth and raised concerns about entities allegedly associated with him participating in the voting process.
Chandra dismissed these allegations and argued, “In 2016, when I became a member of the Rajya Sabha, I had to give a declaration and declared that my net worth was ₹39 crore, some ₹70 lakhs or something. So, in 2017, how did it become ₹45,000 crore?”
Chandra said that his current expenses are settled from the income earned from his partly rented house. Mentioning his future plans, he said that he plans to borrow ₹2 to ₹4 crore from his family and invest in some start-ups along with his professional friend in Switzerland.
“I have planned to meet him in the next 1-2 weeks. I will see his investment in India and other places so that I can re-establish myself,” said Chandra.
“The last Rs 6.5 crore I have left will have to be paid according to the plan. 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," he said.
Creditors are still not convinced by the plan and have raised strong objections, with HDFC Bank claiming that only 3.2 per cent of its total claim of ₹680 crore would be settled, and hinting at exploring filing an appeal before the NCLAT. LIC also said the proposed repayment would only settle ₹38 lakh for a claim worth up to ₹1,322 crore.
Meanwhile, Zee Entertainment, reported a net loss of around ₹102 crore for Q1 FY2026, citing high operating costs and low advertising revenue.
