New Delhi, March 23 (IANS) In a fresh affidavit filed before the Supreme Court, industrialist Anil D. Ambani has proposed the constitution of a lenders’ committee to determine the actual dues owed by Reliance Communications (RCOM) and its group entities, along with a detailed plan for structured resolution of the liabilities. ​

The supplementary counter-affidavit seeks the constitution of a lenders’ committee, anchored by the State Bank of India and Bank of Baroda, to determine the actual outstanding dues after accounting for recoveries, asset monetisation, and capital infusions. ​

“The central objective is to crystallise the actual dues owed to each lender… and thereafter frame a structured and time-bound repayment schedule for any residual amounts,” the affidavit stated. ​

Placing extensive financial data on record, Ambani submitted that total repayments across group entities exceed Rs 3,44,000 crore, including principal of over Rs 2,45,000 crore and interest of more than Rs 93,000 crore. ​

In addition, payments to the government exchequer in the form of taxes, spectrum charges, and statutory dues exceed Rs 1,01,000 crore. ​

The affidavit further stated: “Personal and family capital infusions into stressed companies exceeded Rs. 9,276 crore — every rupee of which has been wiped out.” ​

It also claimed that approximately Rs 1,00,000 crore remains receivable from Central and state government bodies in the form of regulatory assets, arbitral awards, and pending claims, which are “available for set-off in any honest reconciliation.” ​

Detailing the steps taken towards debt reduction, the document said that key asset monetisations totalling Rs 23,476 crore have already been completed, with the proceeds utilised directly for repayment to lenders. ​

The affidavit disclosed that on March 17, 2026, Ambani addressed 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 constitution of the proposed lenders’ committee and seeking personal meetings. ​

“These communications underscore that the present request is not an attempt to evade liability, but a demand for an accurate and transparent determination of dues,” the affidavit stated.​

It also refers to ongoing investigations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), stating that assets worth over Rs 15,000 crore have been provisionally attached, resulting in an estimated erosion of over Rs 25,000 crore in market value and impacting more than 50 lakh retail shareholders. ​

Drawing a comparison with the Supreme Court-approved settlement in the Sterling Biotech/Sandesara matter, the affidavit argues: “If a structured resolution was considered feasible in the case of declared fugitive economic offenders… it is both pragmatically and legally viable in the present case.” ​

Anil Ambani further stated that he has remained within India’s jurisdiction, cooperated with investigative agencies, and actively supported insolvency proceedings, describing himself as “the first and only promoter in India to actively support the CIRP process” for Reliance Capital. ​

Earlier in the day, the Supreme Court stressed the need for a coordinated, fair, and time-bound investigation into alleged large-scale bank frauds linked to RCOM and its group entities. ​

A Bench headed by Chief Justice of India Surya Kant observed that agencies such as the ED and the CBI must “join hands” and conduct the probe transparently and independently. ​

“The investigation should reveal what has been done and what has been found,” the apex court said, adding that any reluctance on the part of agencies was “not acceptable”. ​

The Bench, also comprising Justices Joymalya Bagchi and Vipul M. Pancholi, clarified that while it could not direct arrests, the investigation must inspire confidence among the public. ​

During the hearing, advocate Prashant Bhushan submitted that no arrests had been made despite the available material, while Solicitor General Tushar Mehta informed the court that arrests had been made and assets worth around Rs 15,000 crore had been attached. ​

Taking note of the submissions, the apex court permitted the ED to file a second status report and directed financial institutions to extend full cooperation to the investigation. ​

The case concerns alleged financial irregularities and loan fraud involving RCom and its associated companies, with earlier proceedings highlighting delays in the investigation. ​

The Supreme Court had previously directed the constitution of a Special Investigation Team (SIT) and sought time-bound progress in the probe. ​

The CBI has recently intensified its probe, examining several top executives of the group, including Gautam Doshi, Sateesh Seth and Amitabh Jhunjhunwala, in connection with the alleged diversion of loan funds between 2013 and 2017.

Ambani has also been questioned multiple times in the ongoing investigation. ​

--IANS

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