Subhash Chandra alleges Mukesh Ambani advised against repaying bank loans

Subhash Chandra, founder of Zee Group and chairman of Essel Group, has made serious allegations against Mukesh Ambani regarding his ongoing insolvency proceedings. Chandra claims that media reports citing a debt of ₹22,000 crore against him are false and part of a deliberate attempt to damage his reputation through a ‘fake narrative’ and ‘witch hunting.’

Chandra alleged that in 2019, during a financial crisis for the Essel Group, he sought advice from Mukesh Ambani regarding the sale of Zee shares to settle debts. He claimed Ambani advised him against paying back bank loans, stating, “Subhash ji, why are you paying back the banks' money with interest? No one pays.” Chandra also stated that an editor at Network18 claimed to be acting under instructions from above regarding reports that harmed his credibility.

The insolvency case involves Chandra’s personal liability as a guarantor for a ₹170-crore loan taken by Vivek Infracon. While creditors have admitted claims totaling approximately ₹22,006.57 crore against him in the personal insolvency process, the National Company Law Tribunal (NCLT) has approved a repayment plan involving roughly ₹6.5 crore. The NCLT’s role was to determine if the plan, approved by a majority of creditors, complied with the Insolvency and Bankruptcy Code.