Winning Bizness Desk

Mumbai. Reliance Broadcast Network (RBNL), which is going through bankruptcy proceedings, has received two bids worth Rs 251 crore for its radio channel Big FM from Radio Mirchi and Sapphire FM. Both bidders have offered to make payment within 30 days. According to sources, the borrowers have begun discussions with the two resolution applicants to revise their bids. Big FM is in the bankruptcy process. Lenders will also get the cash of Rs 60 crore lying in the company's accounts. Landers expect total recovery to be 55-60 per cent of the total accepted claims of Rs 578 crore. Big FM is owned by Reliance Broadcast Network Limited (RBNL) which is the largest radio network in the country with 58 stations. It has a reach of more than 1,200 cities and more than 50,000 villages.

Failed to repay a loan of Rs 175 crore

According to the insolvency application filed by IDBI Trusteeship Services on behalf of L&T Investment Management Ltd, RBNL has failed to repay a loan of Rs 175 crore. Borrowers who have raised claims include IndusInd Bank (Rs 172 crore), HSBC Asset Management (Rs 238 crore), Franklin Templeton MF (Rs 103 crore) and Reliance Commercial Finance (Rs 64 crore). IDBI Trustee Services was the trustee for L&T Investment Management Services, while Reliance Capital was the guarantor for RBNL.

Time going against Anil Ambani

Notably, Anil Ambani, once counted among the richest people in the world, is currently facing financial difficulties. There was a time when Anil Ambani was the sixth richest industrialist in the world, but today the situation is such that he is bankrupt. Anil Ambani, burdened under the heavy burden of banks, has become a defaulter about 49 times. The company continued to do well for a few years after the division, but soon Anil Ambani stars went rouge.