The Hindu

NCLT orders insolvency action vs Anil Ambani

Action towards recovery of ₹1,200 cr.

-

The NCLT Mumbai has directed insolvency proceeding­s against RCom chairman Anil Ambani to recover ₹1,200 crore under the personal guarantee clause of the bankruptcy law.

Mr. Ambani had given a personal guarantee to the loans given by SBI to RCom and Reliance Infratel in August 2016.

The NCLT in its order on August 20, said both RCom and RITL committed default in repayment in and around January 2017. The accounts were retrospect­ively declared as non-performing with effect from August 26, 2016, even before loan agreements had been entered into.

The NCLT ordered the appointmen­t of a resolution profession­al and asked SBI to take necessary action.

A spokespers­on for Mr. Ambani said: “Mr. Ambani is reviewing the NCLT order and taking advice on filing an appropriat­e appeal before the NCLAT against the appointmen­t of the resolution profession­al.”

The NCLT has declined SBI’s request for a restrictio­n on Mr. Ambani from dealing or appropriat­ing his assets, to the prejudice of the interest of SBI, the spokespers­on said.

 ??  ?? Anil Ambani
Anil Ambani

Newspapers in English

Newspapers from India