Loan default case: Anil Ambani tells court that his net worth is 'zero'

Anil Ambani, who was also once considered as one of the richest persons in India, was directed by a UK court on Friday to set aside $100 million in his dispute with three Chinese banks. 

Reliance Group Chairman Anil Ambani also expressed his inability to pay dues worth $680 million in case of defaulted loans to Chinese banks.

The industrialist said he does not have any "meaningful assets" that can be liquidated and his net worth is "zero".

The Chinese banks -- Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China -- in a lawsuit filed in a London court said Ambani should be ordered to deposit the amount in court's account, reported Business Today.

The case is connected with a loan worth $925 million that was given to Anil Ambani's now bankrupt Reliance Communications in February 2012. 

The company had paid back a portion of the loan.

However, it defaulted on the payment obligations in 2017, media reports said.

In response to the lawsuit, Anil Ambani informed that the overall value of his investments had collapsed.

"The current value of my shareholdings is down to approximately $82.4 million and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings," he was quoted as saying by Business Today.

A spokesperson for Anil Ambani was quoted as saying by the newspaper: "Mr Ambani is reviewing the order of the UK Court and will take legal advice as to further remedies in appeal. The order pertains to an alleged personal liability of Mr Ambani and will have no bearing on the operations of the Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited." 

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