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Lenders eye Subhash Chandra's non-compete fee from Sony Group

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Financial creditors of the Essel group may ask chairman Subhash Chandra to settle their dues with the INR 1,100 crore non-compete fee that he stands to receive from Sony Group. If Chandra refuses to pay, some of Essel's lenders plan to oppose the proposed Zee-Sony merger. IndusInd Bank, Axis Finance, Yes Bank and Jammu and Kashmir Bank are among the top lenders to several privately held firms controlled by Chandra. Some of these loans were backed by Chandra's personal guarantees.