A British court has asked Anil Ambani to pay $ 71.7 million, or about 5500 crore, to three Chinese banks.
- Around 5500 crores to be paid within 21 days
- Three Chinese banks claimed in London court
The trouble of Anil Ambani, chairman of Reliance Group, caught in the debt crisis has increased. In fact, a UK court has asked Reliance Group chairman Anil Ambani to pay $ 71.7 million, or 5,446 crore, within 21 days. This amount will be paid by the three Chinese banks within 21 days.
What is the matter?
The case is related to three banks in China – the Mumbai branch of the Industrial and Commercial Bank of China (ICBC), the China Development Bank and the Export-Import Bank of China. These banks had claimed in a London court that they had given a loan of $ 925.52 million (about 65 thousand crores) in 2012 to Reliance Communications (RCom) on the condition of Anil Ambani’s personal guarantee. Then Anil Ambani had said to take personal guarantee of this loan but after February 2017 the company defaulted in repaying the loan.
Now what did the court say?
Justice Nigel Tierre of the High Court of England and Wales in London said that the personal guarantees that Anil Ambani considers disputed are binding on him. Justice Tierre said in the order that it is announced that the guarantee is binding on the defense (Ambani). In this case, Ambani will have to pay $ 71,69,17,681.51 as guarantee to the banks.
A spokesman for Anil Ambani said, “It is clarified that this is not Anil Ambani’s personal loan. The Industrial and Commercial Bank of China has made this claim allegedly on the basis of a guarantee that Anil Ambani had never signed. Also, Ambani has consistently said that he did not authorize anyone to give this guarantee on his behalf. ”
Even before the court gave time
In February, a London court issued a conditional order in support of these banks. During the hearing of the case, Judge David Waxman in London Court had asked Anil Ambani to deposit $ 100 million. For this, the court gave a time limit of six weeks to Anil Ambani. During this, Robert Howe of Anil Ambani told the court that in 2012, Ambani’s investment was more than seven billion dollars. Today it is reduced to $ 89 million. If their liabilities are added, it will fall to zero.