In what should come as a relief to Anil Ambani, a UK high court has dismissed summary judgment applications filed by Chinese banks against the industrialist claiming $680 million.
In a statement, a spokesperson for Ambani said the hearing on the matter took place on November 7, while the order was issued on Monday.
The lenders, which reportedly included The Industrial & Commercial Bank of China, Exim Bank of China and China Development Bank, had provided loans of $925 million to R-Com on condition that Ambani provides personal guarantees. While some repayments were made by the company, it later defaulted.
The spokesperson said while the Chinese banks had claimed $680 million from Ambani against the corporate loans to R-Com, “Ambani’s position that the claim made by Chinese banks in relation to his alleged guarantee for loans availed by R-Com could not be granted by way of a summary judgment has been duly upheld by the UK high court”.
“Ambani is confident that he will have an opportunity to place the evidence before the UK high court, in the course of the trial to establish that Chinese banks claims are without any merit,” the statement said.