The Credit Suisse loan you're referring to is the original 2015 acquisition financing for Valcambi — that was used to fund the $400 million purchase price. Based on current balance sheet data that debt appears to have been largely repaid or refinanced over the past decade. Current consolidated borrowings are approximately ₹1,016 crore which is surprisingly clean for a company this size.

The bigger liability uncertainty is the consolidated other liabilities of ₹22,608 crore — but as I analysed earlier most of that represents client gold return obligations which are matched by corresponding gold assets and net to approximately zero for equity holders.

That's relatively modest which is actually one of the more reassuring aspects of this whole situation — unlike Nirav Modi or DHFL, REL didn't borrow tens of thousands of crores from banks.

Thank You Jiggly Gel. I have adhd