Once worth at least $55 billion, India\u2019s Anil Ambani has about a day to piece together $80 million to settle long-pending dues with a vendor or go to prison. The tycoon\u2019s heavily indebted telecom business had promised to pay the local unit of Ericsson AB about 5.5 billion rupees ($80 million) for past maintenance services. The repeated failure to comply and Ambani\u2019s personal guarantee landed him in trouble last month, with the nation\u2019s top court holding him in contempt. His companies suffered a setback last week after a lower court refused to free up tax refunds withheld by lenders. If the payment isn\u2019t resolved by end-Tuesday, Ambani, 59, risks a three-month jail term. Ambani\u2019s net worth has shrunk to about $300 million from at least $55 billion in 2008, according to data compiled by Bloomberg, as his telecom to power and infrastructure ventures struggle to deal with debt by selling assets and fending off creditors. The stunning fall is in stark contrast to the success of his elder brother Mukesh Ambani, who\u2019s Asia\u2019s richest man with a net worth of $52.9 billion, according to the Bloomberg Billionaires Index. A spokesman for the Anil Ambani group didn\u2019t respond to an email seeking comments on plans to pay the Ericsson dues. Anil Ambani lost the vast majority of his wealth as his businesses strained to generate revenue as they battled price competition, regulatory bottlenecks and high debt that led to a cash squeeze. Shares of RCom, which touched a peak of 821.55 rupees about two years after their 2006 debut in Mumbai, traded at 4.05 rupees as of 2:36 p.m. local time on Monday, valuing the company at $163 million, according to data compiled by Bloomberg. Anil Ambani\u2019s Lost Decade of Aborted Phone-Tower Sales Grinds On In court arguments, the lawyer representing Ambani\u2019s telecom carrier Reliance Communications Ltd., or RCom, said the group firms have no money to settle, unless lenders released 2.6 billion rupees of tax refunds - a proposal opposed by the banks. The National Company Law Appellate Tribunal, in a ruling March 15, said it can\u2019t direct banks to release the amount. Courtroom Drama \u201cWhere will the rest of money come from?\u201d the judge had earlier asked RCom\u2019s lawyer Kapil Sibal while hearing the company\u2019s plea for the tax refund to help finance the Ericsson payout. \u201cWe\u2019ll see if we can borrow from the banks,\u201d Sibal replied. The whole courtroom had burst into laughter. The threat of a prison term to Ambani also came as a rare warning to some of India\u2019s richest borrowers whose firms have turned defaulters. The nation\u2019s policymakers and courts have been cracking down hard on delinquency to help banks saddled with the world\u2019s worst bad-loan ratio. The war on bad debt also allowed Ericsson\u2019s local unit to leverage the nation\u2019s new bankruptcy law to arm twist RCom on claimed dues of 16 billion rupees. The Swedish telecom equipment vendor started off with a bankruptcy petition and then played hardball to the point it extracted a personal guarantee from Ambani. That\u2019s what eventually landed him a jail threat. Sibling Feud The Ambani brothers used to serve as executives at their father\u2019s company. Following their father\u2019s passing in 2002, the siblings got into a high-profile dispute over control of the sprawling conglomerate. In 2005, the two settled the feud by agreeing to carve up the empire into two. Anil Ambani got newer businesses such as telecom, power generation and financial services. Based on current foreign-exchange rate, his net worth would\u2019ve been at least $31 billion in 2008. As Mukesh Ambani\u2019s oil and petrochemicals businesses flourished, he re-entered telecom with the creation of Reliance Jio Infocomm Ltd. The nationwide 4G network, which debuted with free services in 2016, disrupted the industry forcing rivals including RCom to bleed, merge or exit. The older sibling added $8.6 billion to his wealth this year alone.