Relief to Anil Ambani, Supreme Court directs government to give Rs 104 crore back

New Delhi, Jan 7, 2020, Tuesday

Businessman Anil Ambani, who is surrounded by all fours due to economic hardship, has been relieved by the Supreme Court's ruling.

The Supreme Court has directed the central government that Anil Ambani's company pay Rs 104 crore back to Reliance Communication. A two-judge bench of the Supreme Court has rejected the central government's application in the matter.

Anil Ambani's RCom company deposits this amount as a guarantee to the government. The Telecom Disputes Settlement and Appellate Tribunal had ruled in favor of Anil Ambani's company on December 21. The tribunal then said that from the bank guarantee of Rs 908 crore of RCOM, the government would recover Rs 774 crore of spectrum charges and return the remaining Rs 104 crore to the company. The ruling was challenged by the central government in the Supreme Court.

RCom has shut down all operations three years ago. The company is currently going through a bankruptcy process. The company tried to avoid being declared insolvent by selling its spectrum to Reliance Jio but the deal could not be reached as the long legal process and the government did not get approval.