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Thursday, July 02, 2020

NCLT reserves order on SBI plea seeking recovery of Rs 1,200 crore from Anil Ambani

The Mumbai Bench of NCLT will now decide if an RP should be appointed to make a report on the basis of which the tribunal will take a call on admitting the petition of SBI against Ambani.

Written by Khushboo Narayan | Mumbai | Published: July 1, 2020 2:40:17 am
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The National Company Law Tribunal (NCLT) Tuesday reserved its order in a case where State Bank of India (SBI) has moved to recover Rs 1,200 crore from RCom chairman Anil Ambani under the personal guarantee clause of the Insolvency and Bankruptcy Code.

The Mumbai Bench of NCLT will now decide if an RP should be appointed to make a report on the basis of which the tribunal will take a call on admitting the petition of SBI against Ambani.

While briefing shareholders at the Reliance Group of Companies’ AGM on June 23, Ambani had said, “As regards the proceedings filed by SBI, this also does not relate to any personal borrowing but arose out of a guarantee given for a loan which was availed by Reliance Communications (RCom) and Reliance Infratel (RITL), way back in 2016 to repay the debts of Chinese and certain other Indian banks.”

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