Anil Ambani To Pay A Debt Of About 5500 Crores In 21 Days

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Chairman of Reliance Group Anil Ambani, is again in trouble as his debt crisis has increased. A UK court has asked Reliance Group chairman Anil Ambani to pay $ 71.7 million, or 5,446 crores, within 21 days. This amount will be paid to three Chinese banks within 21 days.

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 guarantee. Anil Ambani said after February 2017 the company defaulted in repaying the loan.

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 a guarantee to the banks.

It is clarified that this is not Anil Ambani’s loan. The Industrial and Commercial Bank of China has made this claim allegedly based on 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.

A London court issued a conditional order in support of these banks. Judge David Waxman in London Court had asked Anil Ambani to deposit $ 100 million during the hearing in the London Court. 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 added, it will fall to zero.

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