The Ministry of Corporate Affairs has told the Delhi high court that the personal insolvency law is not unconstitutional and the government had always intended to bring personal guarantors within the ambit of the Insolvency and Bankruptcy Code, people
The trio of Chinese lenders won a ruling in a London court in May after pursuing Ambani for more than $700 million in a dispute over defaulted loans.
In July, the private lender had taken symbolic possession of the sprawling complex situated off the Western Express Highway and overlooking the Mumbai airport. The action was taken under the SARFAESI Act to recover dues of Rs 2,892 crore from Reliance Infrastructure.
Along with SBI, Insolvency & Bankruptcy Board of India (IBBI) and the Ministry of Corporate Affairs will also have to file their responses in a plea filed by Ambani, where he is seeking to implead the three Chinese lenders - Industrial and Commercial Bank of China, Export-Import Bank of China, and China Development Bank - in the case.
Tina Ambani raises a toast to the men in her life on International Men's Day: Blessed to have this support
Mrs Ambani posted pictures of her husband with their two sons.
Upon declaring an account as fraud, banks are required to make provisions for 100 per cent of the outstanding loan amount, as per Reserve Bank of India guidelines. PNB had Rs 80 crore of exposure to the Anil Ambani-led Reliance Group company as of July 3 last year.
Ambani in his petition has also challenged a bankruptcy tribunal order which allowed the appointment of an interim resolution professional to examine State Bank of India’s petition seeking to recover 1,200 crore from him.
Ambani in his petition is also challenging the Mumbai bankruptcy tribunal order which allowed the appointment of an interim resolution professional to examine State Bank of India’s petition seeking to recover dues worth Rs 1200 crore. Ambani in his petition is relying on a recent order in the matter of businessman Lalit Jain, where Delhi High Court stayed insolvency proceedings and issued notices to MCA, IBBI & Law Ministry.
Anil Ambani has now sought advice for filing an application in the National Company Law Appellate Tribunal (NCLAT) in a personal guarantee case. Previously, NCLAT had declined SBI's plea for restriction from dealing assets. The NCLAT order does not constitute an admission to SBI's insolvency plea. This case is however different from a corporate guarantee matter because this is a personal guarantee case. ET Now's Utkarsh Chaturvedi gets us more details.RCom case: Anil Ambani seeks advice on filing appeal before NCLAT
According to a report by TOI, the three Chinese banks to whom Anil Ambani owes more than $716 million (Rs 5,276 crore), as well as significant legal costs, have decided to pursue their rights against him on his worldwide assets, following the beleaguered Reliance Group chairman’s English high court cross-examination on September 25.
Ambani stated in court that his expenses are “minimal,” he doesn’t have a “lavish lifestyle” and has had to sell jewellery to meet legal expenses.
Anil Ambani lives a simple life, drives just one car and has sold all his jewellery to pay his legal fees
He said he had received Rs 9.9 crore for all his jewellery between January and June 2020 and now does not own anything — “nothing meaningful,” he said.
In a notice to Singal dated August 31 SBI had said total loans of Rs 12,276 crore were due to the bank by the company and are now in default and have not been paid since February 13 2018. The bank had given Singal 14 days to pay up the dues as a guarantor failing which insolvency proceedings will be initiated.
The apex court further directed HC to consider the issue on October 6, adding that SBI is at liberty to seek modification of stay order.
According to sources, the process for inviting Expression of Interest (EOI) for its key assets was launched on October 31, 2020, with a view to unlock value of its underlying businesses and targets to make RCL debt free.
A bench led by Justice L Nageshwara Rao made this decision while dealing with a plea filed by the Insolvency and Bankruptcy Board of India through advocate on record Vikas Mehta for transfer of all such cases to the top court.
The progress of the case between State Bank of India (SBI) vs Anil Ambani (Respondent) is expected to lay the groundwork for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors (IRPPG).
A division bench of the high court led by justice Vipin Sanghi had on August 27 stayed a Mumbai bankruptcy tribunal order appointing IRP. SBI had invoked personal guarantee clause to recover dues worth Rs 1,200 crore.
Delhi High Court halts insolvency proceedings against Anil Ambani in Rs 1,200-crore loan default case
The SBI had moved the NCLT to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law.
State Bank of India (SBI) had moved the National Company Law Tribunal (NCLT) in Mumbai to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law.
The public sector lender had approached the Mumbai-bench of the National Company Law Tribunal (NCLT) under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
Promoters holding in the company has reduced to 14.70% after lenders invoked pledge on shares of the company.
On May 22, a UK court ordered Ambani to pay $717 million (Rs 5,448 crore) to three Chinese banks within 21 days, after ruling that a personal guarantee which the Indian businessman had disputed was binding.
Last week, SBI had moved the insolvency court to recover more than Rs 1,200 crore from Ambani under the personal guarantee clause of the bankruptcy law.
Amid rising speculations around RCom's final fate, UVARCL has generated a lot of interest in industry and media circles.
Anil Ambani had given personal guarantee to the loans given to RCom & Reliance Infratel.
Yes Bank, which faced a crisis in March this year on account of bad debts, has substantial loans due from the Anil Ambani group, to which it had an exposure of close to Rs 12,000 crore. In the last two decades, the Anil Ambani group expanded aggressively in new businesses raising high levels of debt.
The Anil Ambani-led Reliance Group is looking to sell assets to pay off lenders.
The court also issued notice in a similar petition moved by Punj in which L and T Infrastructure Finance is a party instead of SBI. In the second petition also he has challenged the constitutionality of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
Reliance Retail will pay Future dues as of March 31. Future Group founder and chief executive Kishore Biyani will have to pay the remaining dues from April 1 until the assets are transferred following regulatory approvals.
The country’s largest lender has served notices on Punj, asking him to explain how he intends to make the payment and has sought a reply from him.
SBI moved the NCLT under Section 97(3) of Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP). The bank is aiming to recover a sizeable amount from the personal guarantees made by Anil Ambani on loans to Reliance Communications, said a bank official.
The litigation could potentially impact recovery of several billion dollars worth of loans given by banks to companies that were personally guaranteed by promoters, feel banking sources.
RCom and its unit Reliance Telecom (RTL), once owned by Anil Ambani, had entered into an agreement with Jio in 2016 for trading spectrum in nine circles and sharing airwaves in 17 circles.
Rejecting the RCom resolution plan, DoT in NCLT also alleged that even the name of the licensee company is unclear in the plan, and no provisions have been made to return DoT's Rs 31,000-crore dues from the company.
Anil Ambani has reached the Enforcement Directorate office in order to answer some tough questions in connection with the YES Bank moratorium. Initially, he tried to evade the ED summons citing various reasons. Times Now's Herman Gomes brings latest details. Listen in!YES Bank Crisis: Anil Ambani reaches ED office for questioning
Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said.
According to officials, Anil Ambani has been asked to depose at ED's office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA.
A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly USD 717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days. At a remotely held hearing, in line with procedures in place for the COVID-19 pandemic, Justice Nigel Teare ruled at the Commercial Division of the High Court of England and Wales in London that a personal guarantee disputed by Ambani is binding on him.London court orders Anil Ambani to pay USD 717 million to Chinese banks
UK court orders Anil Ambani to pay $717 million (Rs 5,448 crore) to 3 Chinese banks in 21 days.
According to legal sources, the telecom regulator has filed an application for RCom and Reliance Telecom seeking that provision be made in resolution plan that post paid subscribers get back their unspent money and deposits . Axis Bank also raised a question on its guarantees but both these matters will be heard on August 19 by NCLT.
The National Company Law Tribunal (NCLT) will decide on August 5 if UV Asset Resolution Co Ltd (UVARCL) and Reliance Jio Infocomm (Jio) are the buyers of RCom’s assets . The two firms have been overwhelmingly voted in favour of the resolution plans submitted by UVARCL and Jio by RCom’s lenders .
Reliance Comm liable to pay SSTL AGR dues, DoT identifies combined liability worth more than Rs 25k cr
In February 2019, RCom filed for insolvency. Under the proceedings, the DoT has claimed nearly Rs 30,000 crore in dues from RCom, of which over Rs 21,000 crore has been verified by the resolution professional.
“It is clear that Ambani is not a titular chairman and is involved in running the company," a UK Court said.
A comparison of shareholding data for June and March quarters showed retail investors increased stakes in 16 companies in the first half of Calendar 2020.
"The value of my investments has collapsed. I don't hold assets which can be liquidated,” Ambani said.
Anil Ambani has seen his fortune dwindle over recent years, losing his billionaire status.
A company disclosure to bourses said that the brothers ceased to be on the board from January 31, but did not reveal any reason or if they will play any active role in the company. Shares of the company declined 5% on the BSE on Monday, to Rs 19.85. A company spokesperson declined to comment on the reason behind the exit, stating, “the management has not shared any reason with us.”
The development follows RCom's consolidated loss of Rs 30,142 crore for the second quarter, released on Friday.
The bids have offered very little upfront cash or are unworkable in the current form, said bankers.
Analysts have advised investors to adopt caution on these counters despite ongoing momentum.
Charge filings with the Ministry of Corporate Affairs, compiled by data intelligence provider Propstack, show that ICBC and CDB have not disbursed any large-ticket term loan in India since 2018.
Ambani will get his day in an English court to prove his lack of awareness. The bar is high, though.
Rishi Kapoor cremated in the presence of family, Alia, Anil Ambani; kin recall actor’s love for ‘friends, food & films’ in final months
The family in a statement said he “remained jovial and determined to live.”
RCom's September quarter numbers marked the second highest loss posted by any Indian corporate till date.
Mrs Ambani took to Instagram to share throwback pictures with the couple.
Three banks agreed to loan Ambani’s RCom money in 2012, which he has since defaulted on.
The lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom.
The lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom.
The private sector lender said that it had a combined exposure to three debt-laden companies: Zee, DHFL and Anil Ambani led Reliance of about Rs.2100 crore or 1.1 percent of the loan book.
Mrs Ambani urged people to enjoy time with their families, even if it is virtually.
At the AGM, a shareholder threatened to file class action suit against the group companies.
Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model.
Anil Ambani's Reliance Group is planning to pay creditors Rs 150 billion more by March.
Ambani said his NBFC suffered collateral damage due to a combination of factors.
The CEO of the private lender said the priority is also to get deposits back in the system.
Interestingly, in 2008 when Anil was ranked sixth among the world’s richest, Mukesh, with a net worth of $43 billion, was at the fifth position.
The talks for selling Reliance General Insurance ended after Hero FinCorp struggled to raise funds.
Any court ruling favouring the banks would deal another blow to the tycoon’s stressed empire.
Reliance Capital, on the NSE, closed the counter at Rs 6.6, higher 4.76 per cent.
Three Chinese lenders had taken RCom chairman to court for allegedly failing to clear $680m dues
Here’s who bought and sold what in some of the key bulk deals of the day.
Reliance Group chief expects new govt and RBI to provide support in the form of immediate liquidity window.
Axis Trustee Services further sold 88,27,483 shares of Reliance Capital at Rs 4.50 each.
That’s the longest winning streak since the company’s trading debut in 2009.
HSBC Daisy and others had moved a contempt plea in the appellate tribunal, alleging that Reliance Infratel had not paid up about Rs 230 crore as mandated by the NCLAT.
Anil Ambani has resigned as director of Reliance Communications, the debt-ridden company said in a filing on Saturday. According to the filing, Ambani along with Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have resigned as directors of RCom. "Your good office may also note that Shri Manikantan V., has also tendered his resignation as a director and Chief Financial Officer of the Company earlier. The aforementioned resignations shall be put up to the committee of creditors of the Company for their consideration," the filing added.Anil Ambani quits as Reliance Communications director a day after dismal Q2 numbers
While the SC had on Jan 7 this year directed Ambani to appear in the contempt case filed by Ericsson, the order that was uploaded on the court’s website stated that he was not required to show up.
Reliance Infratel, against which also the contempt petition has been filed, is part of RCom.
Jet Airways promoter Naresh Goyal excused himself saying he had to attend to an ailing relative, according to the people, and ADAG chairman Anil Ambani said “prior commitments” prevented him from appearing on Monday.
The 700,000 sq ft Reliance Centre in Santacruz could fetch as much as Rs 1,500-2,000 crore.
The statement further claimed that "the Zee group has never made any transactions with Rana Kapoor (Yes Bank co-founder and the past MD who is now in ED custody) or his family or for that matter any private entities controlled by them and that "all credit facilities availed were fully secured".
Kapoor, the former MD and CEO of Yes Bank, was arrested by the agency on March 8 under provisions of the PMLA (Prevention of Money Laundering Act) as he was allegedly not cooperating in the probe related to the crisis at bank he co- founded after the RBI placed its under a moratorium.
Reliance Group along side Subhash Chandra's Essel Group were among the large borrowers that Finance Minister Nirmala Sitharaman had named after Yes Bank's board was superseded by the Reserve Bank of India (RBI) and withdrawal restrictions placed.
ADAG further said its entire exposure to YES Bank is fully secured.
The S&P BSE Sensex Index has declined 15% since setting a record high in January.
State-owned China Development Bank was the biggest creditor to the indebted telecom firm.
“RCom in accordance with the stipulations contained in Regulation 30 of the SEBI ....hereby informs ...that resolution professional of RCom has duly filed the resolution plan as approved by the CoC with the... NCLT, Mumbai Bench on March 6, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016,” said the company.
Both Anmol and Anshul have been actively involved in all operations of RInfra.
The Supreme Court had directed DoT to approve RCom’s pact to sell spectrum to Jio after a Rs 1,400 crore guarantee.
Anil Ambani talks about his plans of monetising assets to reduce debt and his focus on capital-light businesses.
Jagran Prakashan-owned Music Broadcast is set to acquire Big FM for close to Rs 1,200 crore.
Swedish telecom company Ericsson rejected the industrialist's plea of fund crunch as an excuse claiming that his group had made enough profit to invest in the Rafale deal.
The AGMs of five of the Reliance Group companies were held back-to-back on Monday.
Feeling warm inside the packed court room, Ambani asked why the air conditioning wasn’t on, only to be told he won't have his wish.
Says over Rs 60,000 cr receivables are stuck in regulatory and arbitration matters.
L&T Finance, Edelweiss refute allegations, say had no option but to sell pledged shares.
Anil Ambani's Reliance Group has decided to withdraw the Rs 5,000-crore civil defamation suits filed in an Ahmedabad court against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal.Rafale deal: Anil Ambani to withdraw defamation suits against Cong, Herald
The defamation suits were filed against the National Herald's editor Zafar Agha, and Vishwadeepak, the author of a news article published by it.
It also found that loans it had been probing have all been repaid.