NCLT gives more time to SBI for filing rejoinder to Anil Ambani reply

The Mumbai Bench of the NCLT, presided over by the judicial member Mohammed Ajmal and a technical member Ravikumar Duraisamy, posted the case for hearing on June 30.

By: ENS Economic Bureau
Mumbai | June 20, 2020 01:16 AM IST

1 min read

The 60-year-old is the younger brother of Mukesh Ambani, the wealthiest man in Asia. (Photo: Bloomberg)

The National Company Law tribunal (NCLT) Friday gave some more time to State Bank of India (SBI) to file its rejoinder to a reply submitted by industrialist Anil Ambani, in connection with a case where the lender has moved to recover Rs 1,200 crore from Ambani under the personal guarantee clause of the bankruptcy law.

The Mumbai Bench of the NCLT, presided over by the judicial member Mohammed Ajmal and a technical member Ravikumar Duraisamy, posted the case for hearing on June 30.

SBI has filed applications under Section 95 (1) of the Insolvency and Bankruptcy Code (IBC) to nominate a resolution professional for the resolution process of the personal guarantor. In March, the board of SBI had approved a resolution plan for Reliance Communications (RCom)that envisaged lenders recovering around Rs 23,000 crore. RCom owes about Rs 5,000 crore to SBI.

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