Subhash Chandra Eyes Swiss Comeback After Massive Debt Write-off
New Delhi: Media mogul and Essel Group Chairman Subhash Chandra has signaled a shift in his professional path, announcing plans to collaborate with investment experts in Switzerland following a landmark ruling by the National Company Law Tribunal (NCLT) regarding his massive debt burden.
The 75-year-old businessman, once a titan of the Indian media and infrastructure sectors, finds himself at a turning point after the NCLT recently approved a repayment plan for his companies that has drawn significant public attention. Under the resolution, creditors who claimed a staggering Rs 22,006.57 crore will receive only Rs 6.5 crore—a recovery rate of roughly 0.03 per cent, effectively resulting in a 99.97 per cent haircut for lenders.
In a candid video statement released shortly after the verdict, Chandra addressed the situation with transparency. “Today I’m talking in a very simple way. I am not talking about a person who has lost everything,” he stated. “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.”
Despite the financial setback, the veteran entrepreneur remains undeterred, projecting a spirit of resilience. “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 added.
Looking toward the future, Chandra revealed that he is currently exploring an international professional opportunity. He plans to partner with associates in Switzerland who are active in the investment sector. “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,” he told viewers.
Furthermore, he intends to personally reinvest in the entrepreneurial ecosystem. “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, indicating that he is not stepping away from business entirely.
The collapse of his former empire—which spanned television broadcasting, amusement parks, and large-scale infrastructure—marks the end of an era for the Essel Group. As he prepares to transition into this new chapter, his job in Switzerland is expected to be closely monitored by industry observers as the next stage in the career of one of India’s most well-known media pioneers.
