The dispute, involving three Chinese banks, revolves around an alleged breach of a personal guarantee on a company debt refinancing loan of $925 million dating back to February 2012.
Value erosion of Anil Ambani's two finance companies due to debt default has made asset sale only viable alternative, say bankers. RBI disagreeable to resolution under IBC.
The Delhi HC Thursday restrained Anil Ambani from selling or transferring his assets, and allowed insolvency proceedings against his telecom companies to continue.
If NCLT admits Anil Ambani into the bankruptcy process, a list of all claims against him will be compiled and a repayment plan will be worked out, according to rules.
The order pertains to an alleged personal liability of Anil Ambani and will have no bearing on the operations of RIL, Reliance Power Ltd and Reliance Capital Ltd.
Ambani had until 4:00 p.m. Friday in London to make the payment into court or run the risk of automatically losing the lawsuit over $700 million in defaulted loans.
For all its obvious blemishes, capitalism alone holds out the most creative and dynamic force that any civilization has ever discovered, wrote BP Godrej in 1980.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
This is the first major attack on central security forces since last November, when a CRPF jawan was killed and four were injured in an ambush in Jiribam on Manipur-Assam border.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
Starting a Reliance like company and running successfully for decades is not a easy thing. Some how anilambani groub is facing loss and going through tougher times. This kind of business should not be allowed to collapse as it gives employement to huge sectors. Government should take measurement&support this group to overcome their problem and make sure that success of the business and livelyhood of so many employees and dependent busineses.
Starting a Reliance like company and running successfully for decades is not a easy thing. Some how anilambani groub is facing loss and going through tougher times. This kind of business should not be allowed to collapse as it gives employement to huge sectors. Government should take measurement&support this group to overcome their problem and make sure that success of the business and livelyhood of so many employees and dependent busineses.