Govt sources reject 99.97% haircut claim in Subhash Chandra insolvency case

New Delhi [India], August 27 (ANI): Government sources have rejected reports suggesting that banks have taken a 99.97 per cent haircut on more than Rs 22,000 crore of loans in the personal insolvency case involving Essel Group founder Subhash Chandra.

Sources said the Rs 22,006 crore figure does not represent money personally borrowed by Chandra. It represents claims admitted against him as a personal guarantor for loans taken by several Essel/Zee-linked companies.