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UK High Court Dismisses Chinese Banks' $680 Million Claim against Anil Ambani

At this stage of the proceedings, the evidence of the personnel of RCom who were dealing with the personnel of the Chinese banks could not be placed, which led to certain doubts being expressed in the judgement on account of the evidence being incomplete and thus appearing implausible.

PTI

Updated:December 16, 2019, 7:41 PM IST
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Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, arrives at the Elysee Palace to attend a meeting with French President Francois Hollande in Paris, France, February 21, 2017. REUTERS/
File photo of Anil Ambani. (Reuters)

New Delhi: UK High Court has dismissed a $680 million claim application filed by Chinese banks against Reliance Communications Chairman Anil Ambani, his spokesperson said on Monday.

The hearing in the matter took place on November 7 and the order was issued on Monday, the spokesperson said in a statement.

UK High Court has dismissed "summary judgement application of Chinese banks against Anil Ambani" in which the "Chinese banks had claimed $680 million from Mr. Anil Ambani against Chinese banks' corporate loans to Reliance Communications Limited (RCom)", it said.

"Mr Anil Ambani's position that the claim made by Chinese banks in relation to his alleged guarantee for corporate loans availed by Reliance Communications Limited (RCom) could not be granted by way of a summary judgement has been duly upheld by the UK High Court," the spokesperson said.

At this stage of the proceedings, the evidence of the personnel of RCom who were dealing with the personnel of the Chinese banks could not be placed, which led to certain doubts being expressed in the judgement on account of the evidence being incomplete and thus appearing implausible.

Anil Ambani contested the proceedings and put up a strong legal defence, and will continue to contest the proceedings and seek leave to defend, without any conditions as to making of deposits or payments being imposed, the statement said.

"Mr Anil Ambani is confident that he will have an opportunity to place the necessary evidence before the UK High Court, in the course of the trial to establish that Chinese banks claim are without any merit," the statement said.

The spokesperson said that Anil Ambani is confident that his position would be fully vindicated once all the facts and the entire evidence is before the Court.

RCom is currently undergoing through insolvency proceedings following a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues.

RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications.

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