Categories: Business

NCLT reserves order against anil ambani on SBI plea

Photo: PTI (FILE)

Anil ambani

new Delhi. The National Company Law Tribunal (NCLT) on Tuesday reserved its decision on the plea of ​​State Bank of India (SBI) against Anil Ambani. The petition was filed by SBI for recovery of Rs 1,200 crore from Ambani under the Personal Guarantee Provision of Insolvency Act. SBI has appealed to the tribunal under Section 97 (3) of the Insolvency and Bankruptcy Code (IBC) directing the insolvency board to appoint a resolution professional (RB) to appraise the assets owned by Anil Ambani. Has requested. Anil Ambani had given a personal guarantee for the loans given to Reliance Communications and Reliance Infratel. After hearing both sides, the bench of judicial member Mohammad Ajmal and a technical member Ravikumar reserved the order.

Reliance Communications, the flagship company of Anil Ambani-led Reliance Group, applied for bankruptcy in early 2019. In 2019, Reliance Communications applied to declare itself bankrupt. State Bank of India had submitted a plan to settle the company's debt in which the lenders were expected to recover their dues amounting to Rs 23,000 crore. This amount is about half of their total dues.

This post was published on July 1, 2020 1:35 am

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