New Delhi: Reliance Group chairman Anil Ambani has only a few hours to pay $100 million toward a conditional order in the London High Court or he will lose his lawsuit of over $700 million in defaluted loans in his dispute against three Chinese banks. Also Read - Reliance Communications' Committee of Creditors Reject Resignation of Anil Ambani & Others
On Friday, Anil Ambani, the one-time billionaire and the younger brother of Asia’s second-richest man, lost his last-minute attempt to appeal the UK court’s order and ended up in deep waters as the judge ruled his application with “no real prospect of success” and “without merit”. He has until 4 PM in London time (9:30 PM IST) to make the $100 million payment or the banks could seek a summary judgement and seize all his assets in India and elsewhere. Also Read - Anil Ambani, 4 Others Resign as Directors of Reliance Communications Over Bankruptcy
Last week, Judge David Waksman had set a six-week timeline for conditional payment to be made as he concluded that he did not accept Ambani’s defence that his net worth was nearly zero or that his family would not step in to assist him when “push came to shove”. Also Read - No Ground to File FIR: Supreme Court Dismisses Review Petitions on 2018 Rafale Verdict
“In my overall conclusion, Mr Ambani has not satisfied me that he can’t make any payment at all,” Judge Waksman had said as he expressed particular criticism of a “lack of candour” and “transparency” on the part of Ambani’s defence in reference to his financial means.
Notably, the 60-year-old industrialist is completely ridden under debts and announced bankrupty after his firm Reliance Communications gave up its assets for insolvency in November last year. He was even bailed out by his brother Mukesh Ambani earlier in a case pertaining to outstanding dues of Rs 458.77 crore to Swedish company Ericsson.
He is currently also being questioned in the Yes Bank money laundering case.