New Delhi, March 23 (NationPress) — In a recent affidavit presented to the Supreme Court, renowned industrialist Anil D. Ambani has advocated for the establishment of a lenders' committee tasked with assessing the precise dues owed by Reliance Communications (RCOM) and its associated entities, along with a comprehensive strategy for a structured resolution of these obligations.

The supplementary counter-affidavit calls for the formation of a lenders' committee, led by the State Bank of India and Bank of Baroda, to ascertain the actual outstanding debts after factoring in recoveries, asset monetization, and capital injections.

“The primary aim is to ascertain the true amounts owed to each lender and subsequently devise a structured and timely repayment plan for any remaining balances,” the affidavit articulated.

Ambani provided extensive financial documentation, indicating that total repayments across the group surpass Rs 3,44,000 crore, which includes principal repayments exceeding Rs 2,45,000 crore and interest amounting to more than Rs 93,000 crore.

Moreover, payments made to the government in terms of taxes, spectrum fees, and statutory dues total over Rs 1,01,000 crore.

The affidavit further asserted: “Family and personal capital contributions into distressed firms have exceeded Rs 9,276 crore, all of which have been lost.”

It also claimed that around Rs 1,00,000 crore is still receivable from central and state government entities in the form of regulatory assets, arbitral awards, and pending claims, which are “available for reconciliation in good faith.”

Outlining the actions taken towards reducing debt, the document noted that significant asset monetizations amounting to Rs 23,476 crore have already been executed, with the proceeds directly allocated for repayment to lenders.

The affidavit revealed that on March 17, 2026, Ambani sent letters to Union Finance Minister Nirmala Sitharaman, State Bank of India Chairman C.S. Setty, and Bank of Baroda MD and CEO Debadatta Chand, formally requesting the formation of the proposed lenders' committee and seeking personal discussions.

“These communications emphasize that this request is not an effort to evade obligations, but rather a call for a precise and transparent assessment of dues,” the affidavit highlighted.

It also noted ongoing inquiries by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), revealing that assets valued at over Rs 15,000 crore have been provisionally attached, leading to an estimated reduction of over Rs 25,000 crore in market capitalization, adversely affecting more than 50 lakh retail shareholders.

Drawing parallels with the Supreme Court-endorsed settlement in the Sterling Biotech/Sandesara case, the affidavit posits: “If a structured resolution was deemed viable in the case of declared fugitive economic offenders, it is both pragmatically and legally achievable in this instance.”

Anil Ambani reiterated that he has remained compliant with India's legal jurisdiction, cooperating with investigative agencies, and actively endorsing insolvency proceedings, describing himself as “the first and only promoter in India to actively support the CIRP process” for Reliance Capital.

Earlier today, the Supreme Court underscored the necessity for a coordinated, just, and timely investigation into alleged extensive bank frauds related to RCOM and its associated entities.

A bench headed by Chief Justice of India Surya Kant noted that agencies like the ED and the CBI must “collaborate” and conduct the investigation with transparency and independence.

“The investigation should disclose what has been accomplished and what findings have emerged,” stated the apex court, emphasizing that any hesitance from the agencies is “unacceptable.”

The bench, also comprising Justices Joymalya Bagchi and Vipul M. Pancholi, clarified that while arrests cannot be directly mandated, the probe must instill trust among the public.

During the proceedings, advocate Prashant Bhushan pointed out that no arrests had been made despite the substantial evidence available, while Solicitor General Tushar Mehta informed the court about existing arrests and assets worth approximately Rs 15,000 crore that had been attached.

Noting these submissions, the apex court permitted the ED to submit a second status report and directed financial institutions to fully cooperate with the ongoing inquiry.

This case revolves around alleged financial discrepancies and loan fraud involving RCOM and its affiliated companies, with previous proceedings highlighting delays in the investigative process.

The Supreme Court had earlier mandated the formation of a Special Investigation Team (SIT) and sought timely progress in the inquiry.

The CBI has recently escalated its investigation, scrutinizing several top executives of the group, including Gautam Doshi, Sateesh Seth, and Amitabh Jhunjhunwala, regarding the alleged diversion of loan funds between 2013 and 2017.

Ambani has also faced questioning multiple times as part of the ongoing investigation.