Anil Ambani has filed a supplementary counter-affidavit before the Supreme Court of India, just hours before a key hearing in a public interest litigation brought by activist Eas Sarma. The affidavit, accessed exclusively by Financialexpress.com, sought to draw a clear distinction between Ambani and fugitive economic offenders, even as it presses for a structured resolution of outstanding debt. During the hearing, the SC pointed at the pace and intent of the probe by investing agencies in the case. The court flagged what it described as a “degree of reluctance” in the approach of investigating agencies.
At the centre of the case is a proposal to constitute a lenders’ committee to determine the exact dues owed to lenders after accounting for recoveries, asset monetisation and capital infusions. The committee is anchored by State Bank of India and Bank of Baroda. The committee would then frame a time-bound repayment plan for any remaining liabilities.
“I have not been declared a fugitive. To the contrary, I have given an undertaking to this Hon’ble Court that I will not leave the country without its permission,” Ambani said in the affidavit.
Central argument
A key plank of the argument is the precedent set in the Sterling Biotech/Sandesara case, where the Supreme Court approved a comprehensive settlement for declared fugitive economic offenders. In November 2025, the apex court approved the closure of all CBI and ED proceedings, withdrawal of Interpol Red Corner Notices, and release of attached properties against the Sandesara brothers — declared fugitive economic offenders who had fled India using Albanian passports in 2017 — upon a one-time settlement of Rs. 5,100 crore.
Ambani’s submission argued that if such a settlement framework was considered viable for individuals outside India’s jurisdiction, a structured resolution should be equally feasible in his case.
The affidavit also highlights Ambani’s role in insolvency proceedings, describing him as “the first and only promoter” in India to actively support the Corporate Insolvency Resolution Process (CIRP) for Reliance Capital.
Staggering numbers on record
Substantial financial data has been placed on record to support the case. Across group entities, total repayments to lenders exceed ₹3.44 lakh crore, including over ₹2.45 lakh crore in principal and more than ₹93,000 crore in interest. Payments to the government, including taxes, spectrum charges and statutory dues, are stated to exceed ₹1.01 lakh crore.
In addition, personal and family capital infusions into stressed businesses total more than ₹9,276 crore, all of which has been fully eroded, according to the affidavit. It further claimed that government bodies owe group entities around ₹1 lakh crore through regulatory assets, arbitral awards and pending claims, which could be considered for set-off in any reconciliation process.
Asset monetisation efforts have already yielded ₹23,476 crore, with proceeds directed towards lender repayments. The Supreme Court heard the matter and adjourned it for four weeks.