Essel Group Chair, Dr. Subhash Chandra, issued a second “Open Letter” detailing the debt settlement process and steps to be taken to repay creditors. Chandra announced that more than 91% of the debt owed to 43 Creditors was paid and other installments are in the process of being paid. In his first open letter published on 25 January 2019, Dr. Chandra faced difficulties of the creditors due to the liquidity crisis caused by the IL&FS case and promised to return the money in the best way.
The asset liquidation process has certainly failed during the pandemic and has slowed overall debt levels. Chandra tries to free the second word. The open letter after 100 percent of the debt was paid to creditors resulted in an unprecedented delay. Revealing key points regarding debt settlement, Chandra said, I am pleased to announce that we have ended the financial stress by paying 91.2 percent of our total debt to 43 creditors in 110 accounts. 88.3 percentage of the amount paid the remaining 2.9 percentage will be paid off.
We are trying to pay off the remaining 8.8 percent of our total debt. I have no regrets that I have parted with a significant fortune in business, particularly in “crown jewelry”. This is done to receive family honor.
Chandra spoke in more detail about his sincere desire to pay off any outstanding fees before the end of this fiscal year or sooner. He also stressed that he did not regret the decision to part with most of his wealth in his core business, and attributed this decision to the honor of his family.
He repeated his way out of the infrastructure, Financial services, and print media business. Chandra shared the next step in starting a video business in the digital ecosystem. Let’s mark Dr. Chandra with: I have enough study in video business; that is why I did the summary of innovative approaches/business possibilities in digital video and AI/ML (artificial intelligence and machine learning) in the video sector without conflicting with ZEEL. I will give you the details soon Everyone witnessed the early stages of another breakthrough attempt.