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NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore

The National Company Law Tribunal (NCLT) on Tuesday reserved its order on the State Bank of India plea against Anil Ambani to recover over Rs 1,200 crore under the personal guarantee clause of the bankruptcy law.

PTI PTI
Mumbai Published on: June 30, 2020 19:32 IST
NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore
Image Source : FILE

NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore

The National Company Law Tribunal (NCLT) on Tuesday reserved its order on the State Bank of India plea against Anil Ambani to recover over Rs 1,200 crore under the personal guarantee clause of the bankruptcy law.

The public sector lender had approached the tribunal under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.

Anil Ambani had given a personal guarantee to the loans given to Reliance Communications and Reliance Infratel.

After hearing both the sides, a division bench of a judicial member Mohammed Ajmal and a technical member Ravikumar Duraisamy reserved the order.

In early 2019, Reliance Communications, once the flagship company of the Anil Ambani-led Reliance group, had filed for bankruptcy.

In March, State Bank of India board had approved a resolution plan for Reliance Communications that envisaged lenders recovering around Rs 23,000 crore of their money, entailing a haircut of nearly 50 per cent.

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