Billionaires live a life earned by them along with their success but some of them saw their success turn into failure. Their journey from riches to rags became as famous as their journey from rags to riches. Many billionaires lived the best time of their lives but they failed. They created wealth but have now declared bankruptcy.
Here is a list of some billionaires who have declared bankruptcy.
1. Pramod Mittal
In 2013, Pramod Mittal threw a big fat wedding for his daughter which cost him Rs 505 crores. In 2020, he was declared the “most bankrupt man” by the London High Court. He owes £2.5 billion to a lot of people including his family. Recently, the Times of India reported that “Pramod Mittal’s creditors have agreed to his proposal of IVA (individual voluntary arrangement), in which he will now have to pay only $4.4 million (nearly ₹42 crores) of the total amount he owes them.”
2. Nirav Modi
Nirav Modi and his uncle were accused of scamming the Punjab National Bank of nearly Rs 13,000 crores. In 2018, three companies of Nirav Modi filed for bankruptcy. In 2020, many personal possessions of Nirav Modi were auctioned which included his Rolls Royce and a unique painting by MF Hussain.
3. Anil Ambani
Anil Ambani is the brother of India’s richest man and he is about to declare bankruptcy. Last year, Reliance Communications had filed for bankruptcy. According to the Indian Express, he has failed to repay the loans he took from three Chinese banks (₹6,882 crores) and a loan of ₹1,200 crores from the State Bank of India. Anil Ambani said, “My net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”
4. Vijay Mallya
Vijay Mallya owes many banks an amount of Rs 9000 crores. He had taken this loan to save his Kingfisher flights from failing. Kingfisher is not functional anymore. As reported by Bloomberg, “As many as 12 Indian banks filed a petition for Vijay Mallya to be declared bankrupt.” The Economic Times reported, “Recently the London High Court gave him a bankruptcy reprieve stating that he should be given time to first settle his petitions in the Indian courts.”
5. BR Shetty
There was a time when BR Shetty owned vintage cars, private jet and two floors of Burj Khalifa. But now, the tables have turned. BR Shetty was the founder of NMC Health and he was accused of fraudulent financial practices. His company, NMC Health, has declared bankruptcy. NMC Health had an undisclosed debt of $6.6 billion.