Reliance Group Chairman Anil Ambani was asked to pay USD 100 million by a UK court. He was given six-week time to make the payment. The order was passed for three Chinese banks that lent USD 680 million to Anil Ambani in loan.
UK court order for Ambani
Judge Waksman read out the order for Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China. The banks welcomed the order saying that it was a straightforward debt claim to recover outstand loans to RCom in good faith. They said that Anil Ambani had given a personal guarantee but he refused to honor that guarantee.
Anil Ambani denied guarantee
Ambani, 60, denied giving any such guarantee to Chinese banks that were forced to take the legal action. Also, he argued that his net worth was nearly zero and that his family won’t help in repaying the debt. But the court refused to accept his claim.