The ongoing bankruptcy case against businessman Anil Ambani has taken a new turn

New Delhi: The ongoing bankruptcy case against Indian businessman and Reliance Communications chairman Anil Ambani took a new turn today.

The Delhi High Court today sought a reply from the central government and State Bank of India on an appeal by Reliance Communications chairman Anil Ambani seeking the inclusion of Chinese creditors in the ongoing bankruptcy case against his two companies for recovery of Rs 1,200 crore in loans.

The Chinese banks have filed a આદેશ 71.7 million recovery order against Ambani in a London court. At the same time, the court has temporarily upheld the ban on selling and recovering Ambani’s assets.

The relief has been granted to Ambani under Section 96 of the Bankruptcy Act. The court has sought an explanation from SBI regarding the sale of Ambani’s assets. A bench of Justices Vipin Sandhi and Rajneesh Bhatnagar also sent notices to the Insolvency Bankruptcy Board of India (IBBI) on Ambani’s appeal.

The Delhi High Court has issued notices to the three Chinese banks that lent money to Anil Ambani and sued him for recovery. The court’s move could pose a major problem for Chinese banks.

Notably, the Industrial and Commercial Bank of China, the Export-Import Bank of China and the China Development Bank have won the case in a London court. The lawyers for these banks told the court that Anil Ambani was doing everything possible to ensure that the lending banks did not have to pay even a single rupee.

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