Delhi High Court has stayed Insolvency & Bankruptcy Code (IBC) proceedings against Anil Ambani in a matter pertaining to a personal guarantee given by him against a loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) from State Bank of India (SBI). Earlier this month the Mumbai bench of the National Company Law Tribunal had ordered to start bankruptcy proceedings against Anil Ambani by appointing an interim resolution professional to assess Ambani’s assets and liabilities on a petition filed by SBI.
State Bank of India is seeking to recover Rs 1,200 crores from Anil Ambani after he had given personal guarantees for loans taken by the now-defunct Reliance Communication Reliance Infratel.
Recently the Delhi High Court had stayed bankruptcy proceedings against businessman Lalit Jain and had issued notices to the government in the case. Anil Ambani had cited this case and has also challenged the constitutional validity of the personal guarantee clause in the Insolvency and Bankruptcy Code.