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Yes Bank's asset reconstruction arm, JC Flowers ARC, and media mogul Subhash Chandra have reached a settlement regarding an outstanding debt of Rs 6,500 crore. The agreement entails JC Flowers accepting 75 percent reduction in the debt, leading Chandra to repay JC Flowers Rs 1,500 crore to regain control over the family's stake in assets including Dish TV, Zee Learn, and three properties, among them a central Delhi bungalow, as reported.
According to CNBC TV-18 sources, the settlement's terms state an initial 15 percent payment within the first 30 days, with the remaining 85 percent scheduled over the subsequent six months.
It's important to note that JC Flowers ARC had previously obtained assets from Yes Bank at a discounted rate, forming part of the bank's transfer of a Non-Performing Assets (NPA) portfolio worth Rs 48,000 crore to the ARC for slightly over Rs 11,183 crore in December 2022.
Essel Group subsidiary Zee Learn had earlier signaled its intention to resolve issues with JC Flowers ARC by revealing its plans to the exchanges on August 8.