The problems of Anil Ambani, head of the Reliance Group, which has been struggling with debt for a long time, are not diminishing. Recently, a British court ordered Anil Ambani to pay about 5500 crore rupees to Chinese banks. Now India's largest public sector bank SBI has applied to the National Company Law Tribunal (NCLT) for recovery of more than Rs 1,200 crore.
The application claimed that Anil Ambani had given a personal guarantee for the loan given to Reliance Communications and Reliance Infratel. According to news agency PTI, the tribunal headed by BS V Prakash Kumar, hearing the application, has given Ambani a week's time to respond. At the same time, Anil Ambani's spokesperson said in a statement, "This case is related to corporate debt taken by Reliance Communications (RCom) and Reliance Infratel (RITL) and it is not Ambani's personal debt."
In this statement, it was further said that Anil Ambani will file a suitable reply and NCLT has not given any relief to the petitioner (SBI). Let us tell you that Reliance Communications, the flagship company of Anil Ambani-led Reliance Group, applied for bankruptcy in early 2019.
Chinese banks also made allegations:
Last May, a UK court asked Reliance Group Chairman Anil Ambani to pay $ 71.7 million, or 5,446 crore, 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 claimed in a London court that Reliance Communications (RCom) was given a loan of $ 92.52 million (about 65 thousand crore rupees) in 2012 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.
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