Reliance Capital: Anil Ambani’s company going to be sold, debt of Rs 40,000 crore – anil ambani’s reliance capital resolution nclat concludes hearing reserves order over lenders plea
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Senior Advocate Mukul Rohatgi, appearing for Torrent Investments, concluded his arguments and submitted that the intent is to maximize value under the Insolvency and Bankruptcy Code (IBC), but at the same time the focus should be on asset revival. Rohatgi argued that the IBC is not a loan recovery platform and the Committee of Creditors (CoC) should look beyond their individual recovery. The main focus should be on feasibility. On the other hand, senior advocate Kapil Sibal, appearing for the lenders, on Monday submitted that the objective of the IBC is to maximize the value of the asset and the CoC is free to negotiate the terms.
how much is the loan
The NCLAT is hearing a petition by Vistara ITCL (India), a lender to Reliance Capital. Banks that have given loans to Reliance Capital have challenged the NCLT order, which has stayed the further auction of the bankrupt firm. The Mumbai bench of the NCLT had on February 2 said that the challenge regime for financial bids expired on December 21, 2022, with the highest bid of Rs 8,640 crore by Torrent Investments. Reliance Capital has a debt of about Rs 40,000 crore.
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The Administrator has verified claims of Rs 23,666 crore from financial creditors. LIC has claimed Rs 3400 crore. In September 2021, Reliance Capital told its shareholders that the company had a debt of over Rs 40,000 crore. Many other companies of Anil Ambani also have huge debt and they are going through insolvency proceedings. According to Forbes India’s report published in 2007, Anil Ambani’s net worth was 45 billion billion dollars and at that time he was the third largest billionaire in the country. But today his net worth is zero.
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