SBI takes Anil Ambani to NCLT to recover Rs 1,200 crore

SBI takes Anil Ambani to NCLT:

SBISBI has filed an application in the national company law tribunal(NCLT) to recover more than RS.1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law.

Anil Ambani had given personal assurance to the loan amount given to Reliance Communications and Reliance Infratel.

The court, directed by BSV Prakash Kumar, on Thursday allowed Ambani seven days to document the answer to the application. A representative of Anil Ambani in a statement said: “The issue identifies with a corporate credit profited by Reliance Communications (RCom) and Reliance Infratel (RITL) and is certainly not an individual advance of Ambani.” The RCom and RITL Resolution Plans were endorsed by 100 percent of their banks in March 2020. These Resolution Plans are anticipating the endorsement of NCLT, Mumbai, it said

“Ambani will record appropriate answers, and NCLT has not given any relief to the petitioner,” the announcement included. In mid-2019, Reliance Communications, when the lead organization of the Anil Ambani-drove Reliance gathering, had petitioned for financial protection.

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