SBI starts legal proceedings to recover 1,200 crore from Anil Ambani – Press Review

The State Bank of India (SBI) has approached the National Company Law Tribunal (NCLT) to recover more than Rs 1,200 crore from industrialist Anil Ambani. SBI has taken this step under the Personal Guarantee Article of the Insolvency Act.

According to the news published in the Indian Express newspaper, Anil Ambani had given a personal guarantee to Reliance Communications and Reliance Infratel for the loan.

The tribunal headed by BSV Prakash Kumar has given Ambani a week to submit his reply on Thursday.

A spokesperson for Anil Ambani said, “The matter is about the corporate loans given to Reliance Communications and Reliance Infratel and not the personal loans given to Ambani.”

The statement said that the resolution plan of RCom and RITL was approved by the borrowers in March 2020, 100% and they are yet to get the approval of NCLT, Mumbai.

Source: BBC

Check Also

Line Of Actual Control

LOA – Line Of Actual Control

Line of actual control is the dividing line between the Indian tertiary and Chinese tertiary.Zhou …