Anil Ambani approaches SC seeking Sandesara-like debt settlement framework

Anil Ambani has approached the Supreme Court seeking debt resolution similar to the Sandesara case, even as the court pulled up agencies over probe delays

Industrialist Anil Ambani has approached the Supreme Court seeking a court-facilitated debt resolution similar to the one provided to Sterling group’s Nitin and Chetan Sandesara, and five other members of their families.

 

Citing the precedent of the Sterling group and the top court’s approval for all cases against the Sandesara brothers and five other economic offenders in exchange for them paying one-third of the dues owed, Ambani requested similar treatment.

 

In an affidavit filed before the apex court, Ambani attached a copy of the letter he sent to Finance Minister Nirmala Sitharaman on March 17, requesting the constitution of a lenders committee “to crystallise legally outstanding dues, and formulate a structured repayment plan”.

 

 

In his letter to Sitharaman and in the affidavit filed before the apex court, Ambani said either a three-member high-powered committee or a lenders' committee should be formed to look into the repayment plan for the Reliance Anil Dhirubhai Ambani Group (ADAG).

 

“The lenders willingly negotiated with the fugitive promoters, who had been declared fugitive economic offenders and had left India. A full and final settlement was achieved, closing all proceedings across all agencies and forums,” Ambani said in his letter and the affidavit.

 

Ambani said a similar treatment should be extended to the ₹3.44 trillion debt owed to lenders by Reliance ADAG, since both he and the group were “materially superiorly placed than fugitive companies and fugitive families”.

 

“On the contrary, I have given an undertaking to the Honourable Supreme Court that I will not leave the country without the permission of the honourable court,” Ambani said, adding that if a resolution was possible in the case of the Sandesara brothers and the Sterling group’s debt, it was “pragmatically and legally possible” in his company’s case as well.

 

Earlier in the day, the Supreme Court pulled up central agencies for their “reluctance” to probe alleged large-scale banking fraud linked to his companies.

 

During a hearing in the case on Monday, a bench of Chief Justice of India (CJI) Surya Kant, Justice Joymalya Bagchi, and Justice Vipul Pancholi expressed strong disapproval of the pace and approach of investigations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).

 

Hearing a public interest litigation (PIL) petition seeking a court-monitored probe into alleged loan frauds (linked to Reliance ADAG) running into tens of thousands of crores, the bench directed that the investigation be “fair, dispassionate, transparent, and time-bound,” and capable of inspiring public confidence.

 

“We cannot direct whom to arrest. But the way the investigating agencies have shown reluctance is not acceptable,” the court observed, adding that agencies must disclose what their probe has uncovered within a defined timeline.

 

Solicitor General Tushar Mehta, appearing for the Centre, submitted that a special investigation team (SIT) comprising ED officers and banking experts is already in place.

 

Mehta said assets worth ₹15,000 crore have been attached and four individuals arrested.