According to the report, Reliance Capital Limited owes a large amount to EPFO and Life Insurance Corporation. EPFO alone owes about Rs 2,500 crore to Reliance Capital.
Anil Ambani, once a businessman, has now decided to sell the assets of his company Reliance Capital Limited due to the debt crisis. Recently the company proved to be a defaulter in repaying loans of debenture holders and other lenders. After this decision has been taken. The assets that the company is going to sell include the entire stake of Reliance Securities, Reliance Health and Reliance General Insurance Company. Apart from this, the company also has a 49% stake in Reliance Nippon Life Insurance. Anil Ambani is going to sell it too. This company is one of the top 5 private insurance companies in the country.
According to the report, Reliance Capital Limited owes a large amount to EPFO and Life Insurance Corporation. EPFO alone owes about Rs 2,500 crore to Reliance Capital. The lenders have given SBI Caps and JM Financial the responsibility to sell the insurance business of Anil Ambani’s company. Reliance Capital owes a total debt of Rs 19,806 crore. Of this, the debt of Rs 15,000 crore is solely from the debenture holders. A committee of debenture holders has also been constituted to meet the debt resolution process. EPFO and LIC are also included in this committee.
Recently, in a case filed by SBI, the Supreme Court gave immediate relief to Anil Ambani and ordered a stay on the case against him under insolvency process. This order will remain in force till the final verdict comes. In fact, the Mumbai branch of the National Company Law Tribunal had approved the bankruptcy case against him. Anil Ambani appealed against this in the Delhi High Court, where it was stayed. After this, SBI moved the Supreme Court, but the top court also ordered to stay this ban.
Anil Ambani trapped due to personal guarantee: Anil Ambani took a personal guarantee on a loan of Rs 1,200 crore from SBI on behalf of RCom and Reliance Infratel. Both the companies have gone bankrupt, in such a case the tribunal had ordered a bankrupt case to be conducted against Anil Ambani. Anil Ambani took these loans in 2016 on his personal guarantee and now both companies have gone bankrupt.