UK High Court asks Anil Ambani to pay $717 million in 21 days

A UK court on Friday directed Reliance Group Chairman Anil Ambani to make an interim payment of $716.91 million within 21 days, while it vacated a pre-trial review and trial proceedings listed for 2021.

The court also directed the embattled businessman to pay £750,000 as trial proceeding costs to three Chinese banks, who had filed the case to claim their dues.

Of the total $716.91 million, $549.80 million is the principal outstanding amount under a facility agreement Ambani had entered into with the banks, according to the court order reviewed by BusinessLine.

The claimants –Industrial and Commercial Bank of China Ltd, Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China — had earlier filed a case seeking to recover $680 million owed to them as part of a loan agreement.