Anil Ambani Debt

Resolution professional in Anil Ambani insolvency case says that it had been more than a year since a suit for recovery was filed against the businessman

The tribunal, presided over by BSV Prakash Kumar, on Thursday gave Ambani a week to file reply to the application.

Judge David Waksman 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"

The Mumbai branch of Industrial & Commercial Bank of China, China Development Bank and the Export-Import Bank of China agreed to loan $925.2 million to Anil Ambani's Reliance Communications in 2012

Ambani is waging a war on debt. He said on June 11 that his Reliance Group repaid Rs 350 billion in the past 14 months through asset disposals.

HSBC Daisy had moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel

Aims to raise over $4.5 bn to help reduce group debt, at least 3 times that