The Supreme Court on Monday noted from a report of the Enforcement Directorate that debts worth Rs 2983 crores of certain companies of the Anil Dhirubhai Ambani Group (ADAG) were settled in insolvency proceedings for merely Rs 26 crores. All these acquisitions were facilitated by 8 Non-Banking Finance Companies through “Project Help”, the Court noted.
A bench of CJI Surya Kant, Justice Joymalya Bagchi and Justice Vipul Pancholi was hearing a plea seeking an investigation into the alleged loan fraud of over Rs 40,000 crores by Anil Dhirubhai Ambani Group (ADAG) companies. Earlier, deprecating the “unexplained delay” on the part of agencies in investigating the matter, the Court had…