Reliance communication goes bankrupt, release the list of creditors
- by Anushka-
- Jun 19, 2019 12:11
On Monday, Reliance Communication sent out a list with the names of the creditors that are claiming for Rs. 57,382 as of the bankruptcy of the company.
Earlier, this year Reliance Communication went bankrupt. After which the Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China have demanded at least a sum of $2.1 billion from the business tycoon Anil Ambani.
As per the file by Indian company to stock exchanges, state owned China Development Bank was the biggest creditor of the indebted cooperation. It lend out a loan of worth Rs 9,806 crore, $1.4 billion. While Exim Bank of China is to collect a sum of Rs 3,360 crore and Rs 1,554 crore by the Commercial Bank of China.
The telecom firm is probing for buyers to buy their company's assets and can help them pay back the lenders. Mukesh Ambani, the elder brother of Anil Ambani and Asia's richest man offered to buy the company in Rs. 17,330 crore which could have partly helped with the payback of lenders, but the deal was called off because of some regulatory issues.
In March, Mukesh Ambani helped Anil Ambani by paying $80 million to the local unit of Ericsson AB. If the payment was not completed Anil Ambani could have been sent to jail.
The list released by Reliance Communication on 13 June. Chinese Bank claims for almost one-fourth of the total amount.
Here follows the list of top seven lenders.
Creditor - Amount Claimed (in crore rupees)
China Development Bank - 9,860
State Bank of India - 4,910
Life Insurance Corp. of India - 4,760
Exim Bank of China - 3,360
Bank of Baroda - 2,700
Madison Pacific Trust - 2,350
Axis Bank - 2,090