InvestorQ : Why has SBI moved the insolvency court against Anil Ambani?
sarah Leo made post

Why has SBI moved the insolvency court against Anil Ambani?

Answer
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vidhya Laxmi answered.
3 months ago


SBI moved the NCLT to recover more than Rs.1200 crore from Anil Ambani invoking the personal guarantee clause of the bankruptcy law. According to SBI, Anil Ambani had personally guaranteed loans taken by RCOM, which is currently undergoing insolvency proceedings. SBI has asked IBC to intervene and nominate a resolution professional (RP) to go ahead with the liquidation. The personal guarantee given by Anil Ambani to SBI pertains to both; RCOM and to Reliance Infratel. The core issue pertains to corporate loans availed by Reliance Communications (RCOM) and Reliance Infratel (RITL). The replies are awaited. Top notch lawyer Harish Salve is representing Anil Ambani. RIL has already proposed 50% cut in all auto mobile prices right away. SBI had approved a resolution plan for Reliance Communications in March that envisaged lenders recovering their money with a haircut of nearly 50%.