A UK court on Friday ordered Anil Ambani to deposit $ 100 million within six weeks as a deposit in a lawsuit in which three Chinese banks are seeking hundreds of millions of dollars in defaulted loans. Lawyers for Ambani said earlier that he didn’t have the funds to pay the deposit.
Ambani was a wealthy businessman and now he is not as a result of a "disastrous turn of events" in the telecom market in India, his lawyers told a UK court on Friday as they fought a bid by top Chinese banks to recover $680 million from the Indian businessman.
The Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China, had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around $925 million in February 2012.
His legal team sought to establish that his net worth was zero once his liabilities were taken into account.
(With inputs from agencies)
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