Supreme Court Flags ₹26 Crore Settlement of ₹2,983 Crore Anil Ambani Group Debts

The Supreme Court has flagged a "shocking" Enforcement Directorate (ED) report revealing that debts worth ₹2,983 crore belonging to certain Anil Dhirubhai Ambani Group (ADAG) companies were settled for just ₹26 crore through insolvency proceedings.

The Bench noted that these acquisitions were allegedly facilitated by eight Non-Banking Finance Companies via a scheme titled "Project Help."

The Court observed that insolvency petitions were deliberately initiated through unrelated lenders to undervalue assets.

Consequently, the Bench directed the CBI and ED to coordinate a "fair and time-bound" investigation into the alleged ₹40,000 crore fraud, aiming to unearth any connivance by financial institutions.

[EAS Sarma v. UOI & Ors.]