SBI drags Anil Ambani to NCLT for guarantees

Mumbai, June 11: Th State Bank of India has taken Anil Ambani to the Mumbai bench of the National Company Law Tribunal (NCLT) for personal guarantee given on loans worth over ₹1,200 crore to Reliance Communications (RCom) and Reliance Infratel Limited (RITL).

“The case number CP (IB) No. 916 and 917 of 2020 were filed under section 95 (1) of IBC to nominate a resolution professional for insolvency resolution process of personal guarantor, in this case Anil Ambani,” a source in the know of the development told The Hindu.

A spokesperson for Mr. Ambani said, “The matter relates to a corporate loan availed by Reliance Communications and Reliance Infratel and is not a personal loan of Mr. Ambani.

The RCom and RITL Resolution Plans were approved by 100% of their lenders in March 2020. These Resolution Plans are awaiting the approval of NCLT, Mumbai.”

Mr. Ambani will file suitable replies, the spokesperson added. Last month, a U.K. court had ordered Mr. Ambani to pay more than $700 million to three Chinese banks in a loan default case.

https://www.thehindu.com/business/sbi-drags-anil-ambani-to-nclt-for-guarantees/article31807309.ece