Categories: Business

SBI knocks NCLT to recover Rs 1200 crore from Anil Ambani

Photo: BLOOMBERG

SBI knocks on NCLT's doors to recover Rs 1,200 cr from Anil Ambani

new Delhi. State Bank of India has applied to National Company Law Tribunal (NCLT) to recover more than Rs 1,200 crore from Anil Ambani under the Private Guarantee Provision of Insolvency Act. Anil Ambani had given a personal guarantee for the loans given to Reliance Communications and Reliance Infratel.

Hearing the application, the tribunal headed by BSV Prakash Kumar gave Ambani a week's time to respond. Anil Ambani spokesperson said in a statement that the matter pertains to corporate loans taken by Reliance Communications (RCom) and Reliance Infratel (RITL) and is not Ambani's personal loan.

The statement said the resolution plans of RCom and RITL were 100 percent approved by their lenders in March 2020. These solution plans are awaited by NCLT, Mumbai. The statement said that Ambani will file a suitable reply and NCLT has not given any relief to the petitioner (SBI).

Reliance Communications, the flagship company of Anil Ambani-led Reliance Group, applied for bankruptcy in early 2019.

This post was published on June 13, 2020 9:10 am

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