$42 billion net worth to zero in 12 years. As of December 31, 2019, Anil Ambani’s telecom, naval, infrastructure, and power businesses have defaulted on loans worth over Rs 43,800 crore.
It went into insolvency proceedings in May 2018, with the National Company Law Tribunal (NCLT) admitting three petitions against RCom, filed by Ericsson. At the time, Ericsson claimed that RCom owed it over Rs 1,100 crore in dues. The Supreme Court had, at the time, threatened to imprison Anil if he didn’t pay Rs 5.5 billion to Ericsson India in a month’s time. Mukesh Ambani then stepped in at the last moment and made the payment for his brother.