Subhash Chandra to settle JC Flowers' debt, reclaim Dish TV: Reports

Essel Group Chairman Subhash Chandra is likely to settle the Rs 6,500 crore debt owed to JC Flowers Asset Reconstruction Company (ARC) by paying approximately Rs 1,500 crore.

This move aims to reacquire ownership of the family's stake in assets such as Dish TV and Zee Learn, along with three properties, including a central Delhi bungalow, as per a report by the Mint.

The report also said that Chandra's Essel Group had come to an agreement to repay the settlement sum in incremental stages by March 31. Additionally, the group is on the verge of finalising a definitive agreement. Chandra had commenced negotiations with JC Flowers to repurchase his family's stake in Dish TV, a transaction valued at nearly Rs 1,500 crore.

 Nonetheless, a disagreement arose between the two parties regarding the payment timeline. JC Flowers ARC initially stipulated a complete payment requirement by January 31, which led to discord, it added.

"Essel Group companies had a large exposure to JC Flowers ARC of Rs 6,500 crore. Sometime back, Chandra had approached with an offer to settle. It took over a month, but finally, they agreed to settle the loans. Some amount pertains to Dish TV, some to Zee Learn and some other properties. The payment will be in phases, and accordingly, the shares of those companies will be transferred back," the report quoted a person with direct knowledge of the development.

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