UK High Court to set terms in Chinese banks’ claim against Anil Ambani

The High Court of England and Wales here on Friday will set the terms for the “conditional order” of a payment into court it had granted to three Chinese banks last year against Reliance Communications boss Anil Ambani.

The Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China, had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around $925 million in February 2012.

Ambani denies providing authority for any such guarantee, resulting in the High Court action in the UK — the jurisdiction agreed to as part of the terms of the loan agreement.