Subhash Chandra Settles Debt With 99% Haircut, Moves to Switzerland

Subhash Chandra has reached a debt settlement agreement with the NCLT involving a 99% haircut on his outstanding liabilities, totaling a reduction of ₹22,006 crore.

Following the controversial settlement, Chandra announced he will relocate to Switzerland to take up a new professional role, sparking criticism from lenders like HDFC Bank.

The NCLAT is expected to review the case after HDFC Bank filed an appeal, questioning the fairness of the massive debt write-off granted to the Essel Group.