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Chinese banks seek Rs 14,775 crore from Anil Ambani's RCom

The Anil Ambani headed company borrowed Rs 9,863.89 crore from China Development Bank, which happens to be the biggest creditor to the debt-laden telecom company

twitter-logo BusinessToday.In   New Delhi     Last Updated: June 18, 2019  | 22:18 IST
Chinese banks seek Rs 14,775 crore from Anil Ambani's RCom
Anil Ambani's RCom owes Rs 57,382 crore to 53 lenders

Chinese banks, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China, have sought payment of Rs 14,774.75 crore from Anil Ambani's Reliance Communications (RCom), which filed for bankruptcy earlier this year.

The Anil Ambani headed company borrowed Rs 9,863.89 crore from China Development Bank, which happens to be the biggest creditor to the debt-laden telecom company, RCom said in a filing to the Bombay Stock Exchange.

As per the exchange filing, Exim Bank of China lends Rs 3,356.44 crore to Anil Dhirubhai Ambani Group (ADAG) group firm, while Industrial and Commercial Bank of China issued a loan of Rs 1,554.42 crore.

Reliance Communications on Monday disclosed a list of financial creditors that are claiming Rs 57,382.50 crore under bankruptcy proceedings.

Among the Indian lenders, State Bank of India (SBI) is the biggest creditor with a loan amount of Rs 4,905.37 crore, followed by Life Insurance Corporation of India (Rs 4,758 crore) and Bank of Baroda (2,707.67 crore).

Also Read:Why Reliance Infrastructure shares nosedived 57% in last three weeks

Earlier in February this year, the embattled firm filed for bankruptcy before the Mumbai bench of National Company Law Tribunal. The telco made this announcement after it failed to take necessary approvals from lenders and DoT to conclude its Rs 25,000-crore with elder brother Mukesh Ambani's Jio. Last month, the National Company Law Tribunal (NCLT) admitted RCom for insolvency proceedings that owe to 53 lenders led by China Development Bank.

Anil Ambani managed to avoid a contempt of the Supreme Court and a possible jail term in March this year after a last-minute bailout by elder brother Mukesh who paid around Rs 460 crore to RCom's operational creditor Ericsson from his personal wealth to bail out RCom. The Supreme Court had held Anil Ambani in contempt for not following its order to pay back Rs 550 crore to Ericsson for its services to now-defunct Reliance Communications.

Edited by Chitranjan Kumar

Also Read: RBI slaps Rs 1 crore fine on HDFC Bank for non-compliance of KYC norms

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