Months after approving Reliance Communications (RCom) ‘s resolution plan, the company’s main lender, the State Bank of India (SBI), approached the National Company Law Tribunal (NCLT) last week and sought the loans guaranteed personally by Anil Ambani for RCom. . In May, the High Court of London request Anil Ambani is due to repay $ 716 million (roughly 5,000 crore rupees) to three Chinese banks, an amount that Ambani has collected for RCom through personal guarantees.
Although junior Ambani disputed that he did not take out the loan through personal guarantees from three Chinese banks – Industrial and Commercial Bank of China, China Development Bank and Export-Import Bank of China – the court ruled in favor of the banks. During one of the hearings in the case in February, Anil Ambani told the court that his net worth had fallen to zero.
According to the banks, they had granted a total loan of 925.2 million dollars to RCom in 2012 on the agreement according to which Ambani had provided a personal guarantee.
According to the SBI’s plea, the bank wants to recover more than Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the Insolvency and Bankruptcy Code (IBC). In accordance with several provisions of the IBC Code, the NCLT may appoint a resolution professional for the personal guarantor resolution process. The court has set the next hearing for June 30.
In March, RCom’s creditors committee approved a resolution plan for RCom submitted by UV Asset Reconstruction Company Ltd. and a unit of Reliance Jio Infocomm Ltd. Bidders offered Rs 23,000 crore against Rs 49,000 crore claimed by RCom lenders.
In response to the London court order, a spokesperson for Anil Ambani reportedly mentionned: “The amount ordered to pay on the basis of the alleged guarantee will in any event decrease substantially upon the imminent resolution of RCom’s debt in accordance with the IBC code. The amount claimed under the purported guarantee will be reduced by up to 50% in accordance with the resolution plan for the resolution of the debt of RCom which was approved by 100% of the lenders of RCom and was filed with the NCLT on March 6. .
Chinese banks can go to Indian courts if Anil Ambani does not comply with the London court order.