New Delhi: Reliance Group Chairman Anil Ambani was once one of the richest industrialists of India, but is not now. Anil's lawyers said during a hearing in a case in a UK court on Friday that Anil Ambani's condition is no longer the same as the events that created the 'crisis' in the Indian telecom market.

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He told a UK court that Ambani's net worth is zero and he has gone bankrupt. During the hearing of the $ 68 million (Rs 4,760 crore) loan case of Chinese banks, Anil's lawyer said that there was a time when he was a very wealthy businessman, but after the upheaval in the Indian telecom sector, all was destroyed and he is no longer rich. The three banks loaned Anil Ambani's company Reliance Communications a sum of $ 925.20 million (about Rs 6,475 crore).

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Anil Ambani had said that he gives a personal guarantee of this loan, but after February 2017, the company defaulted in repaying the loan. Lawyers for banks in the court said that Ambani owned 11 or more luxury cars, a private jet, a yacht and a typical seawind penthouse in South Mumbai. Judge David Waxman questioned, 'Mr. Ambani is insisting that he has gone bankrupt personally. Has he applied for bankruptcy in India.'

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