According to the personal guarantee provisions of the Bankruptcy Law, the National Bank of India (SBI) handed over the National Company Law Tribunal (NCLT) in Mumbai to Anil Ambani with a claim of Rs 120 billion. The lender said Ambani provided Reliance Communications with a personally guaranteed loan, and that the loan is currently in bankruptcy proceedings and that state-run lenders are attempting to recover the money.

The NCLT's Mumbai judge has requested the SBI's request that the lender is requesting court intervention to instruct the Bankruptcy Management Committee to appoint a Resolution Specialist (RP) to evaluate and file the report on the report under section 97(3) of the IBC. I heard. Assets owned by Ambani.

Section-97(3) is to be directed to the Board of Directors ruling authority if the application rather than pursuant to Section-94 or Section-95 of the debtor or the creditor pass the RP to appoint solving experts (RP) for a bankruptcy settlement procedures .

According to the IBC, in the case of personal guarantees, the lender must contact the court to designate an IRP to evaluate personal assets. Later, NCLT must write to the Indian Bankruptcy and Bankruptcy Commission (IBBI) to recommend a name group, and NCLT must choose a name from the name group.

When the debtor or creditor submits a case to the arbitral tribunal, NCLT instructs the board to appoint an expert in bankruptcy resolution procedures within 7 days of filing such an application.

Senior Attorney Venkatesh Dhond and Nirav Shah of DSK Legal, and Ryan Dsouza representing SBI and Senior Attorney Harish Salve representing Anil Ambani.

RCom filed for bankruptcy last year, and since then, the guarantee debt is estimated at about Rs 33 billion, and the lender filed a claim of about Rs 49 billion in August 2019.

Recently, the SBI Board approved a resolution from Reliance Communications in March, and a plan was proposed that expects lenders to recover about 23,000 crore of funds, which could be reduced by about 50% in March. RCom owes almost Rs 500 crore to SBI.

The lenders from Reliance Communications (RCom) and Reliance Infratel (RITL) approved the payment plan by 100% vote in March 2020 and submitted the Mumbai NCLT for approval.


This News has been reported by Anubhuti Agrawal, who can be reached at anubhutu98[dot]aa[at]gmail[dot]com