State Bank of India has filed an application in the National Company Law Tribunal (NCLT) to recover more than Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law.
A personal guarantee had been given by Anil Ambani to the loans given to Reliance Communications and Reliance Infratel.
The tribunal, presided over by BSV Prakash Kumar, on Thursday gave Ambani a week to file reply to the application. A spokesperson of Anil Ambani in a statement said, “The matter relates to a corporate loan availed by Reliance Communications (RCOM) and Reliance Infratel (RITL) and is not a personal loan of Ambani. Ambani will file suitable replies, and NCLT has not given any relief to the petitioner.”
Reliance Communications filed for bankruptcy in early 2019. In March, the board of State Bank of India had approved a resolution plan for Reliance Communications that envisaged lenders recovering around Rs 23,000 crore of their money, entailing a haircut of nearly 50 per cent.
