Indiabulls Housing Fin Moves NCLT against Subhash Chandra

Indiabulls Housing Finance has moved the National Company Law Tribunal (NCLT) against media baron Subhash Chandra claiming he had personally guaranteed payment for loans given to companies that were co-borrowers with Essel Group Firms, according to sources privy to the matter.

It has claimed that Chandra provided a guarantee for a loan to Gnex Projects that obtained a Rs 190 crore loan from Indiabulls Housing Finance in September 2020 along with Essel Home, which was the co-borrower, the sources said.

As these loans have turned non-performing, Indiabulls Housing Finance has sought initiation of personal insolvency proceedings against Chandra to recover the loans. It has also filed insolvency proceedings against Essel Home at NCLT. The financier had first approached NCLT on February 14 but its claim is yet to be heard.

“Disputes with Indiabulls have been continuing since the year 2019. However, settlement is under advanced stages of discussion. We do not comment on the matters which are currently sub-judice,” said a statement from Subhash Chandra’s office. Chandra is the promoter of Zee and the Essel Group. Indiabulls Housing Finance did not respond to ET’s queries.

Gnex Projects has no apparent connection with Essel Group. The directors of Gnex Projects are Radhey Shyam Pandey and Rajesh Kumar as per registrar of companies (RoC) records. Rama Infratech Housing is the majority shareholder of the company. Its paid-up capital is Rs 1 lakh.

However, its corporate office is located at B-10, Lawrence Road Industrial Area, Delhi as per records available with the RoC up to March 31, 2021. This address used to be the registered office of Essel Group firm Dish TV. The property was put on auction by Yes Bank on July 8, 2020.

Chandra’s companies are locked in litigation on multiple fronts. IndusInd Bank has initiated insolvency proceedings against ZEE Entertainment Enterprises claiming the company has defaulted on around Rs 80 crore of dues. ET reported on February 9 that SBI had moved applications to initiate insolvency proceedings against Essel Infraprojects. Indiabulls Housing Finance has also moved the Delhi High Court in a case involving Gnex Projects where it has made ZEE Entertainment a party to the proceedings.    S-ET

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