New Delhi, March 23 – In a new affidavit filed before the Supreme Court, industrialist Anil D. Ambani has proposed the formation of a lenders' committee to determine the actual outstanding debts owed by Reliance Communications (RCOM) and its group entities, along with a detailed plan for resolving the liabilities.
The supplementary affidavit seeks the formation of a lenders' committee, led by the State Bank of India and Bank of Baroda, to determine the actual outstanding debts after accounting for recoveries, asset monetization, and capital infusions.
“The primary objective is to determine the exact amount owed to each lender… and subsequently, to create a structured and time-bound repayment schedule for any remaining amounts,” the affidavit stated.
Ambani presented extensive financial data, indicating that total repayments across group entities exceed ₹3,44,000 crore, including principal amounts exceeding ₹2,45,000 crore and interest exceeding ₹93,000 crore.
In addition, payments to the government, including taxes, spectrum charges, and statutory dues, exceed ₹1,01,000 crore.
The affidavit further stated: “Personal and family capital infusions into distressed companies have amounted to over ₹9,276 crore—all of which have been recovered.”
It also claimed that approximately ₹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 offsetting in a transparent manner.”
The document detailed the steps taken towards debt reduction, noting that key asset monetizations totaling ₹23,476 crore have already been completed, with the proceeds directly used for repaying lenders.
The affidavit revealed that on March 17, 2026, Ambani had 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 requesting personal meetings.
“These communications demonstrate that this request is not an attempt to avoid liability, but a demand for an accurate and transparent determination of debts,” 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 ₹15,000 crore have been provisionally attached, leading to an estimated market value erosion of over ₹25,000 crore and affecting more than 50 lakh retail shareholders.
Drawing a comparison with the Supreme Court-approved settlement in the Sterling Biotech/Sandesara case, the affidavit argues: “If a structured resolution was considered feasible in the case of declared economic offenders… it is both pragmatically and legally viable in the present case.”
Anil Ambani further stated that he has cooperated with investigative agencies and actively supported the Corporate Insolvency Resolution Process (CIRP) for Reliance Capital, describing himself as “the first and only promoter in India to actively support the CIRP process.”
Earlier in the day, the Supreme Court emphasized the need for a coordinated, fair, and time-bound investigation into alleged large-scale bank fraud related 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 “work together” and conduct the investigation 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 “unacceptable.”
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 ₹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 a 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.