Chinese banks will initiate enforcement action against Anil Ambani’s global assets

Chinese banks will initiate enforcement action against Anil Ambani's global assets
London: Three Chinese banks named Anil Ambani More than $ 716 million (Rs. 5,276 crore) is due Significant legal costs, Decided to pursue his right against him on it Worldwide wealthFollowing Bellegard Reliance Group English High Court cross-examination of the Speaker on Friday.
Once the world’s sixth richest man, Ambani a UK court On May 22 this year, China will have to pay Rs 716 million (Rs 5,276 crore) including interest and interest of Rs 750K (Rs 7.04 crore) to legal industrial and commercial banks, Export-Import Bank of China and China Development Bank. By June 29, the debt he owed had risen to 7 17,717.67 million, taking into account the interest he received.
Bankim Thanki QC, representing the banks, told the UK High Court’s commercial court on Friday that Ambani was “fighting tooth and nail to stop us from paying a penny.”
After Friday’s hearing, the banks issued a statement saying they were aiming for enforcement action and all available remedies against Ambani. “Banks will use cross-examination information to protect their rights and follow all available legal avenues to make them available. Outstanding loan They are in debt, “the statement said.
It is believed that Chinese banks are not currently enforcing Ambani’s assets in India due to the insolvency proceedings of State Bank of India against Ambani, which is currently stayed by the Delhi High Court.
Banks are expected to initiate enforcement proceedings against their assets outside India on the basis of their affidavits.
On June 29, 2020, the High Court ordered Ambani to file an affidavit stating that all his assets worldwide were in excess of US 100 100,000 (approximately Rs. 1 lakh), whether in his own name or not, and all documents under his control, For its meaning of payment of the order.
Those documents included evidence of all trusts, including his income and shares, assets and liabilities, bank statements, share certificates, balance sheets and profit and loss accounts for all his businesses and his family’s trusts, in which he is named as a beneficiary. The court also ordered him to appear in court via videolink on Friday and “swear to answer all the questions asked by the creditor of the verdict.”
Minutes before his aggressive exam, he successfully received an order that his financial documents should not be available to third parties, but despite applying for this, he failed to hear his cross-exam in private.
After the hearing, Deputy Master Jervis KQC ordered him to pay an additional 140,000 (Rs. 131 lakh) towards the legal fees of the banks for the cross-examiner hearing while the detailed expenses are being assessed.
Banks were also given their legal costs in defending a failed privacy application. The amount that Ambani has to pay for this is subject to further submissions, but the banks are asking for Rs 34,000,000 (Rs 31 lakh).
After the hearing, Ambani’s spokesperson said: “Mr. Anil Ambani has always been a simple man with simple taste as opposed to an exaggerated understanding of his fan and lavish lifestyle. He is dedicated to his family and company; an enthusiastic marathon runner; There is also, who will watch a movie at home with her children going out of town. Otherwise the suggested reports are completely misleading. ”
There was a controversy over the loans given by these Chinese banks Reliance Communications (RCom) at Rs 25,925 million (Rs 6,817 crore) in 2012. RCom initially paid off the loan payments and then started defaulting.
Chinese banks claim that Ambani, the former chairman of RCom, had given a personal guarantee for a loan of up to Rs 25,925m. He denied that the guarantee was binding on him. However, the High Court, in its May 22, 2020 summary judgment, claimed that the personal guarantee was binding on Ambani “beyond the balance of probability”.
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